This week, Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN), a biopharmaceutical company, announced to move its headquarters from New Haven, Connecticut to Boston by mid-2018.
The company was founded by its former CEO Leonard Bell in New Haven’s Science Park in 1992, and later it moved to Cheshire, where the headquarters located for 16 years. Due to the move to Boston, the state is requiring the company to pay back $20 million loan and $6 million grant, plus interest and penalties.
The company plans to have about 400 jobs in Boston, and it will maintain a research and development center in New Haven with around 450 workers.
According to the company, the move is expected to save around $270 million per year, and would make the reinvestment into research and development of around $100 million possible.
“Alexion’s 25-year history began in New Haven, and Connecticut remains a critical part of our future. We value our relationship with the state of Connecticut, and our New Haven-based research team is critical to growing and strengthening Alexion’s leadership in complement, which will allow us to fulfill our mission of serving patients and families with rare and ultra-rare diseases,” Ludwig Hantson, the Chief Executive Officer of Alexion, said in a statement.