Massachusetts Gov. Deval Patrick yesterday enacted a 10-year, $1 billion life science initiative that includes $500 million of bonding to support capital projects.

The borrowing plan will help finance a stem cell bank to be utilized by eight commonwealth hospitals and higher educational institutions for research, along with other publicly owned facilities at colleges and universities. The state is already home to numerous public and private higher educational research facilities, including Harvard University and the University of Massachusetts system, along with biotechnology companies.

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