COVID-19 vaccine maker Moderna will invest roughly $322 million to purchase and expand an empty biomanufacturing facility that sits on 24 acres in Marlborough, Massachusetts.
The pharmaceutical company plans to build out the existing 140,000-square-foot facility by 60,000 square feet, according to a May 18 city council agenda. The facility will house office space in addition to manufacturing capabilities. The agenda did not disclose what the Marlborough location will manufacture.
The city has agreed to approve a tax increment financing deal for the project that exempts Moderna from paying property taxes through FY 2027, after which the exemption rate gradually decreases until FY 2043.
To qualify for the deal, Moderna committed to make capital improvements estimated at $350 million and hire at least 200 full-time employees for the site.
The company is expanding near its Cambridge, Massachusetts, headquarters as it works to bolster its global manufacturing footprint.
During the World Economic Annual Forum Meeting in January, Moderna CEO Stéphane Bancel said the company plans to add to its pandemic-driven growth by expanding mRNA manufacturing capacity globally over the next several years, Pharmaceutical Technology reported.
