BAKER EYES $500M FOR LIFE SCIENCE

Five-year initiative is legislative proposal

Gov. Charlie Baker is proposing a $500 million life sciences investment initiative, his office announced yesterday, as the governor prepares to attend a major biotech convention this week.

“We are committed to supporting the public-private partnerships and strategic investments that have made Massachusetts a global leader in the life sciences, research, development and medical advancements,” Baker said in a statement. “This proposal empowers the Commonwealth and the Massachusetts Life Sciences Center to continue ... attracting world-class companies in innovation and technology, giving researchers the best available tools and educational environment, training our workforce and providing successful careers here in Massachusetts.”

The five-year, $500 million initiative, which Baker is filing as a legislative proposal, includes up to $150 million in tax incentives and a $295 million bond authorization for capital funding, according to Baker’s office.

Baker’s plan follows a 10- year, $1 billion initiative started under then-Gov. Deval Patrick, and comes months after Baker told executives at the Massachusetts Biotechnology Council that his administration would continue to back the industry once the original pledge ends.

“The life sciences industry is a major economic driver for the commonwealth, and the cornerstone of our thriving biomedical innovation ecosystem that produces treatments and cures to save lives around the world,” said Dr. Jeffrey Leiden, CEO of Bostonbased Vertex Pharmaceuticals. “Vertex calls Massachusetts home because the commonwealth is the global leader in life sciences, and this legislation, coupled with the governor’s tremendous support for the industry, will provide the tools necessary to maintain our leadership position.”

The new funding would continue to be managed by the Massachusetts Life Sciences Center.

“The commonwealth is now arguably the biotech capital of the world, and the Massachusetts Life Sciences Initiative — now a widely copied model for collaboration between the state, corporations and universities — was crucial fuel that propelled the region to this position of global strength,” said MIT President Rafael Reif.

Baker is scheduled to attend the 2017 BIO International Convention today in San Diego, where he’s also slated to visit a Vertex Pharmaceuticals site and address the convention tomorrow.

Baker’s California trip continues on Thursday when he’ll be meeting in San Jose with executives from Cisco Systems, according to his office. He’ll travel on Friday to Minnesota for a memorial service for a former colleague, before flying back to Massachusetts on Saturday.