Manufacturer Of World's Most Expensive Drug Moving HQ To Boston, Hiring 400

BOSTON, MA — Another Connecticut company is moving its HQ to Boston. And it's bringing 400 jobs with it.

Alexion, a global pharmaceutical company that produces the world's most expensive drug, is moving from New Haven to Boston next year as the company enters a large restructuring, it announced Tuesday. The headquarters will be 121 Seaport Blvd. on the waterfront in South Boston. Subscribe to Boston Patch for more Hub news and alerts.

Alexion said about 400 jobs will be available in the Boston office, predicting "Boston will provide access to a larger biopharmaceutical talent pool and a variety of life-science partners to further support future growth initiatives."

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The company expected to cut Alexion jobs overall by about 20 percent. Alexion will turn its New Haven location into a research center in mid-2018 and will have about 450 employees there. The decisions are expected to save $270 million annually and allow the company to reinvest $100 million a year into research and development.

Alexion manufactures the world's most expensive drug: Soliris, which treats rare diseases paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome. The Boston Globe reports the company makes 90 percent of its revenue off the drug, but is in danger of losing its patent protection. The AP reports Soliris can cost up to $700,000 annually, according to a May story in Bloomberg Businessweek.

For Connecticut, Alexion's move calls into question the state’s “First Five” business initiative that provides grants and loans to help companies relocate or grow in the state. General Electric announced last January that it is moving its global headquarters to Boston, making the move to Fort Point.

“Alexion’s 25 year history began in New Haven, and Connecticut remains a critical part of our future,” said Ludwig Hantson, CEO of the company. He went on to say the company values its relationship with Connecticut.

Connecticut officials have demanded the company return its “First Five” money which includes a $6 million grant, $20 million loan. The loan was forgivable if Alexion hit certain job creation numbers. The money was made available to move the company from Cheshire to New Haven and establish a large downtown headquarters. Tax credits of up to $25 million were also offered. The company moved to New Haven in March 2016.

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Rich Scinto, Patch Staff, and Michael P. Norton, State House News Service, contributed to this report