Boston’s biotech hub has attracted yet another HQ, as French pharma company Ipsen said Thursday it will relocate its US operations from New Jersey to Kendall Square.
The company announced the move on the last day of the BIO International Convention, promising to add 250 new jobs with the expansion of its Boston presence. Ipsen, which has a $11.2 billion market cap, already opened two outposts in the city back in 2015: a commercial/manufacturing site at One Kendall Square and an R&D site at 650 East Kendall St. Now, it’s moving all 150 of its Boston employees into the East Kendall location.
The new jobs were part of a deal struck between Ipsen and the Massachusetts Life Science Center, which pledged $1.2 million in state tax incentives to Ipsen. The incentives would be funded by a new life science bill that lawmakers are expected to soon send to Governor Charlie Baker.
“We are entering into a new era of innovation and growth for Ipsen as a leading global biotech company. By bringing our headquarters to Cambridge, we will build a sustainable innovation engine to advance opportunities for our employees and our overall business,” said Richard Paulson, CEO of Ipsen North America, in a statement. “The Massachusetts Life Science Center has been instrumental throughout this process, and we look forward to continuing to partner with them as we grow our footprint even further in Cambridge and ultimately address patient needs.”
Ipsen’s current US headquarters are in Basking Ridge, New Jersey, where the company plans to maintain a core services center. The headquarters will transition to Cambridge over the next 12 months, the company said.
Image: Boston. SHUTTERSTOCK
The best place to read Endpoints News? In your inbox.
Comprehensive daily news report for those who discover, develop, and market drugs. Join 51,100+ biopharma pros who read Endpoints News by email every day.Free Subscription