Town Meeting Says Yes to Tax Break for Cambridge Biotech Company

NORWOOD, MA — A biotech company coming to Norwood will receive a tax break from the town.

At the recent Special Town Meeting, voters approved a 40 percent tax discount for Moderna Therapeutics Inc., according to the Boston Globe. The town is expected to receive $2.5 million in tax revenue over the 10 years that the discount will be in effect.

In September, the Cambridge-based company announced that they will construct a $110 million, 200,000-square-foot biomanufacturing facility in Norwood that will produce clinical grade mRNA therapies and vaccines for Good Laboratory Practices (GLP) toxicology studies as well as Phase 1 and Phase 2 clinical studies.

The facility will be located at the former Polaroid property on Upland Road.