Biogen to invest $92 million in Puerto Rico, create 350 jobs

Markets Associated Press

U.S. drugmaker Biogen Inc. is investing more than $92 million in Puerto Rico after buying assets that once belonged to Eli Lilly & Co. in the island's southern region.

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Gov. Alejandro Garcia Padilla says the Massachusetts-based company will manufacture active pharmaceutical ingredients at the plant in Guayama and employ about350 people in the next five years.

Garcia said Monday that his administration offered about $2 million worth of incentives as part of the deal.

An increasing number of health care companies are investing in Puerto Rico as the U.S. territory seeks to boost its manufacturing sector amid a 10-year economic slump.