Rhode Island OKs tax credits for biotech company

Gov. Gina Raimondo has announced that the biotechnology company Rubius Therapeutics is planning to establish a manufacturing facility in Rhode Island.

The Democrat said Thursday the facility will create 160 high-skilled jobs in manufacturing, biotech operations and other support functions.

Raimondo said Rubius intends to invest up to $155 million over more than five years to renovate a 135,000-square-foot manufacturing facility in Smithfield.

The Board of the Rhode Island Commerce Corporation approved tax credits Thursday to support the project. One of the tax credits is valued at $2.75 million.

The estimated value of the second tax credit is about $370,000 per year over 10 years.

Rubius specializes in red blood cell therapeutics.

The facility is projected to add $6.34 million in net revenue to the state over 12 years.


Information from: The Providence Journal, http://www.providencejournal.com