Cambridge biotech Rubius Therapeutics considers R.I. for pharmaceutical manufacturing facility

RUBIUS THERAPEUTICS Inc., based in Cambridge, Mass., is proposing a $155 million pharmaceutical manufacturing facility in Rhode Island.

PROVIDENCE – A Cambridge, Mass.-based biotech company may build a $155 million pharmaceutical manufacturing facility in Rhode Island, and is seeking state incentives from the R.I. Commerce Corp.

The project put forward by Rubius Therapeutics Inc. is on the agenda for a subcommittee of the Commerce RI executive board Monday afternoon. The location of the project has not been identified publicly.

The company is seeking incentives through the Qualified Jobs Incentive Tax Credit program, which provides state tax credits for jobs that pay above the state median salary; and through the Rebuild Rhode Island Tax Credit program, a real estate development incentive that awards credits for rehabilitation or new construction.

The company is also seeking a tax stabilization agreement incentive, a state reimbursement to a local community that has offered the tax break.

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The value of the various incentives was not been identified in the agenda item for the Commerce RI investment committee.

Rubius on Friday filed to raise $200 million in an initial public offering, according to a prospectus filed with the Securities and Exchange Commission. The amount would be the largest in Massachusetts biotech history, according to the Boston Business Journal.

The company is planning to move into new headquarters later this year in Kendall Square, according to the BBJ.

In March, Rubius announced it had closed on $100 million in crossover financing, bringing its nine-month total to $220 million.

The company is developing red blood cell-based medicines that could advance treatments in cancer, enzyme deficiency diseases and auto-immune diseases, according to its website.

Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.

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