CAMBRIDGE, Mass., Oct. 27 /PRNewswire/ -- Novartis announced today that it will add 300 new jobs and invest $600 million over the next five years to expand its global Research headquarters campus on Massachusetts Avenue in Cambridge, Mass.
"Novartis was the first global pharmaceutical company to move its Research headquarters to Massachusetts just a few years ago. It has achieved prominence and, we believe, helped to amplify Cambridge's magnetism for others in the biomedical field to follow," said Mark Fishman, President of the Novartis Institutes for BioMedical Research. "Our scientists and physicians here already have discovered a host of new medicines, and established fruitful collaborations with academic, clinical, and biotech institutions. The constellation of talent and environment are unmatched. We look forward to the next wave of new medicines coming from this center."
The company plans to expand its current Massachusetts Avenue campus, adjacent to MIT, by more than 400,000 square feet, including laboratory, office and retail space. Construction is expected to begin in 2011.
"Novartis' commitment to expand and create more jobs in Massachusetts is an affirmation of the Commonwealth's international leadership and investments in the life sciences," said Governor Deval Patrick. "As one of the key drivers of our innovation economy, Novartis' new plan to create jobs and invest in Massachusetts offers proof that businesses are growing here and our economy is on the move."
The new campus will be built on a four-acre parcel that Novartis is leasing from MIT under an expanded agreement originally signed in 2009.
"Novartis is a life sciences leader and exemplary corporate citizen in Cambridge," said Cambridge Mayor David Maher. "This is a global company that acts locally through a wide variety of programs in our community. Their decision to grow here is great news for Cambridge and a testament
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