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Corporate Moves: Massachusetts

  • Two Technology-Based Businesses Choose Devens
  • Land Swap Supports Bristol-Myers Squibb Plant
  • RenaMed Biologics Secures Additional Funds to Support Massachusetts Move
Two Technology-Based Businesses Choose Devens

Integrated Process Technologies (IPT) and Odic Incorporated will join the growing cluster of technology-based firms at Devens. Located in north central Massachusetts and managed by MassDevelopment, Devens is a former military installation that is recognized as a national model for military base redevelopment. The 4,400-acre Enterprise Zone features fast-track permitting among other incentives for businesses.

IPT, a multi-dimensional process engineering firm, will purchase a 25,102-square-foot building in the Jackson Innovation and Technology District and convert it into an office, research and development, and light manufacturing facility. IPT is using a $350,000 MassDevelopment Export Loan Guaranty to support a larger loan provided by North Middlesex Savings Bank to finance its relocation.

integrated process technologiesThe future home of Integrated Process Technologies at Devens. Photo by MassDevelopment.

“With the growth we’re seeing in the industry, Devens is poised to provide everything IPT needs to succeed,” says James Banks, president, IPT. “MassDevelopment was extremely helpful in supporting our expansion. The agency had the real estate we needed, and quickly put together a team to lead us through the expedited permitting process, and supplemented this support with low-cost financing through a program created specifically for exporters like us. MassDevelopment and the commonwealth have truly created a business-friendly environment at Devens.”

Odic, a developer of embedded electronics hardware and firmware for high-tech companies, will purchase a 3,474-square-foot building and renovate it to include a mix of production labs, office space, and meeting rooms. Together, these projects will result in the creation of 48 new jobs. Odic is using a $325,000 MassDevelopment commercial real estate loan to finance its new facility.

“MassDevelopment was tremendously supportive as we worked to identify and purchase a stand-alone building in the heart of the business development area in Devens,” says Odic CEO Matt Hickcox. “Both MassDevelopment and the Devens Enterprise Commission have demonstrated that they want Odic to succeed and grow in the Bay State.”

Land Swap Supports Bristol-Myers Squibb Plant

MassDevelopment recently announced a land swap agreement transferring 13.6 acres of land located at Devens from the U.S. Army to the agency. The land completes the 91-acre parcel on which Bristol-Myers Squibb (BMS) will build a $660 million pharmaceutical manufacturing plant, which will eventually employ 550 workers.

bristol-myers squibbThe site where Bristol-Myers Squibb plans to build its new biologics facility at the former Fort Devens. Photo by MassDevelopment.

The agreement transfers the Army-owned land, currently used by the 1st/25th U.S. Marine Corps battalion, to MassDevelopment. In return, MassDevelopment will install utilities, renovate two existing buildings at the Devens Reserve Forces Training Area, and relocate Marine operations to the new location.

Massachusetts’ Department of Environmental Protection partnered with the New England regional office of the Environmental Protection Agency to expedite environmental site assessment and impact statement reviews.

“Less than two weeks after BMS chose Massachusetts for its new manufacturing facility, we’re already seeing an important cornerstone of this project fall into place,” says Robert L. Culver, president/CEO, MassDevelopment. “The level of cooperation that brought us to this announcement represents government at its finest.”

RenaMed Biologics Secures Additional Funds to Support Massachusetts Move

RenaMed Biologics, Inc. will receive a $2.3 million loan from the Commonwealth’s Emerging Technology Fund (ETF).

The Lincoln, RI-based company recently leased a facility in Westborough, MA to serve as its headquarters and commercial manufacturing facility for its Renal Bio-Replacement Therapy for Acute Renal Failure (ARF).

RenaMed is expected to relocate to the Westborough facility later this year. The Westborough facility offers more than 100,000 square feet of manufacturing space on 39 acres of land. The facility offers clean room infrastructure and is well situated to the increasing operational needs of the company.

Capitalized by the Massachusetts State Legislature in 2004, the ETF helps technology-based businesses relocate and expand in the Commonwealth. Administered by MassDevelopment, the $25 million fund provides companies with loans and guarantees for facilities and specialized equipment. RenaMed will use its ETF loan to implement commercial manufacturing operations.

“RenaMed has achieved significant milestones over the last year, bringing about considerable corporate expansion. Massachusetts offers the right combination of support infrastructure, [a] biotech-trained workforce, network of academic and research institutions, and other life sciences corporations to help nurture this expansion and future success,” says Gregory Phelps, chairman and CEO, RenaMed. “We are looking forward to 2006 milestones, such as further positive clinical data and additional private financing, to support the continued development of our lead product and expansion of our pipeline into additional indications.”

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