Puerto Rico announced that pharmaceutical giant Biogen will open a drug manufacturing factory on the island, creating 350 jobs.
Biogen will invest $92 million to adapt an abandoned pharmaceutical factory to its purposes, according to a statement from Gov. Alejandro García Padilla's office.
The announcement comes as García Padilla is trying to turn around Puerto Rico's economy and a federal oversight board seeks to do the same while pondering what to do with the island's $69 billion public sector debt.
The jobs will be created at a facility in Guayama, in southeast Puerto Rico. Eli-Lilly had been using the facility. When Eli-Lilly closed its operations at the Guayama facility it moved staff to a facility in Carolina, which is in northeast Puerto Rico.
Puerto Rico lured the Biogen with $2 million in incentives, according to the governor's office.
The statement from the governor's office said it had also attracted an $80 million investment by Bristol Myers at its plant in Manatí, Sartorius's expansion of operations in Yauco, and "the development of the aerospace ecosystem with the presence of world-renowned companies such as Lufthansa, Honeywell, and Infosys."
