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Author Topic: Another big ass company fleeing CT - Alexion Pharm in Gun Wavin Haven  (Read 467 times)

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Offline 30 cal slut

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phuck this communist $hithole state

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Connecticut Demands $26 Million Back After Alexion Announces Move to Boston

By Stephen Singer•Contact Reporter

September 12, 2017, 9:30 AM

After Alexion Pharmaceuticals, Inc announced it would leave New Haven for Boston, Connecticut officials Tuesday demanded the return of all state money — a $20 million loan and a $6 million grant — given to the company.

“Alexion’s decision to move its headquarters is “very disappointing, especially in light of how supportive the state has been to the company over the years as it has grown into what it is today,” said Catherine Smith, state commissioner of economic development.

Alexion said Tuesday its headquarters would move from New Haven to Boston to support plans for growth, dealing a blow to Connecticut’s efforts to boost its fledgling bioscience industry.

The rare disease drug maker said it will establish a research and development center in New Haven, staffed by about 450 employees. About 400 jobs will be moved to Boston when Alexion moves in mid-2018.

Alexion’s announcement follows by just three months the announcement by Aetna Inc. that it will move its headquarters next year to New York City. Last year, General Electric moved its Fairfield headquarters to Boston, where it is building a new downtown office.

The departures have sparked sharp debate across Connecticut about how the state can remain economically competitive. Bickering state legislators have failed to adopt a state budget while Gov. Dannel P. Malloy has struggled to defend his economic development policies.

Alexion said the restructuring will reduce its global workforce by 20 percent and save nearly $300 million annually by 2019.

“By streamlining our operations we will create a leaner organization with greater financial flexibility that is highly focused on delivering for patients, growing our rare disease business and both leveraging our leadership in complement and pursuing disciplined business development to expand the pipeline,” said Ludwig Hantson, chief executive officer.

The restructuring will allow Alexion to reinvest about $100 million a year into research and development.

"Alexion's 25-year history began in New Haven and Connecticut remains a critical part of our future,” Hantson said. “We value our relationship with the state of Connecticut and our New Haven-based research team is critical to growing and strengthening Alexion's leadership in complement, which will allow us to fulfill our mission of serving patients and families with rare and ultra-rare diseases."

Still, Boston will provide access to a “larger biopharmaceutical talent pool and a variety of life-sciences partners to further support future growth initiatives,” Alexion said.

Rep. Rosa DeLauro, D-3, said Alexion's move is “shocking and shameful.”

“New Haven is home to some of the most talented and brightest minds in the world, and Alexion will be worse off for leaving, both financially and intellectually,” she said.

Just 18 months ago, Alexion executives and state and local officials celebrated the rare disease drug maker’s return from Cheshire to its new home in a 14-story tower near downtown New Haven.

Alexion had received more than $26 million in economic development aid from the Malloy administration, which saw the bioscience start-up as a key part of the state’s efforts to promote growth in the industry.

Alexion has been dogged for months by questions about its sales practices. It shook up its management team, replacing the chief executive officer, chief financial officer and others.

Alexion said in January an internal investigation prompted by a former employee's allegations of improper sales found that orders of Soliris, a drug used to treat a rare blood disorder, were valid and placed by customers for patients to fulfill an actual need. But it said it found weaknesses in its internal controls over financial reporting.

In July, the U.S. Department of Health and Human Services said it had launched a probe into Alexion related to an investigation by federal prosecutors into its support of charities supporting Mediare patients.

Also this summer, Alexion said it will focus more on hematology, the study of blood disorders; nephrology, the treatment of kidney disorders; neurology, the study of brain disorders, and metabolic disorders.

Alexion moved to New Haven in early 2016 from Cheshire with a $6 million grant from Connecticut, a subsidized $20 million loan which will be fully forgiven if Alexion has 650 workers in Connecticut by 2017. Alexion also was offered tax credits that could be worth as much as $25 million as part of the Malloy administration's "First Five" program.

The company’s move into the newly constructed building on College Street is part of New Haven's Downtown Crossing urban revitalization project. The project is meant to tie two sections of the city together and Alexion's move completed the first phase of the project.

New Haven Mayor Toni Harp said at the time of Alexion's move to New Haven that the new headquarters would support smaller local businesses, providing its workers with services including catering, pharmacies and dry cleaners. She said the 14-story headquarters, built as part of New Haven's Downtown Crossing urban revitalization project, is "almost a crown jewel."

Alexion posted sales of nearly $3.1 billion in 2016, up more than 18 percent from the previous year.

Courant Staff Writers Daniela Altimari and Christopher Keating contributed to this story.
« Last Edit: September 12, 2017, 10:36:22 AM by 30 cal slut »


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Re: Another big ass company fleeing CT - Alexion Pharm in Gun Wavin Haven
« Reply #1 on: September 12, 2017, 10:50:23 AM »
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......Rep. Rosa DeLauro, D-3, said Alexion's move is “shocking and shameful.”


....

>>>New Haven Mayor Toni Harp said .... as part of New Haven's Downtown Crossing urban revitalization project, is "almost a crown jewel."


DeLauro saying something is "shocking" could be right.  She should know what shocking is.  Have you ever seen her?


Crown jewel, eh?  I guess diamonds and the ghetto don't mix.  Who knew?


Online 2ndamendment45

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Re: Another big ass company fleeing CT - Alexion Pharm in Gun Wavin Haven
« Reply #2 on: September 12, 2017, 11:19:02 AM »
Shocked, shocked I tell you.  Why are these companies leaving CT when CT has one of the toughest gun laws to protect the employees  :bash:

Offline FirefighterCT

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Re: Another big ass company fleeing CT - Alexion Pharm in Gun Wavin Haven
« Reply #3 on: September 12, 2017, 01:32:41 PM »
I can't read her name without posting this picture  :bowrofl:


Online RocknRoad

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Re: Another big ass company fleeing CT - Alexion Pharm in Gun Wavin Haven
« Reply #4 on: September 12, 2017, 02:31:17 PM »
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I can't read her name without posting this picture  :bowrofl:


It is definitely without a doubt a space alien. Prove me wrong.
What part of "SHALL NOT BE INFRINGED" don't they get?

Online BerettaBoy213

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Re: Another big ass company fleeing CT - Alexion Pharm in Gun Wavin Haven
« Reply #5 on: September 12, 2017, 03:17:18 PM »
I've noticed a lot of companies move from CT to MA. I guess while they may be terrible for the 2A they have a better business climate up there? I thought all blue states were alike.
« Last Edit: September 12, 2017, 03:17:43 PM by BerettaBoy213 »

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Re: Another big ass company fleeing CT - Alexion Pharm in Gun Wavin Haven
« Reply #6 on: September 13, 2017, 04:11:54 AM »
Yes, it's a moderately better business climate and the spending Prop up there, 2 1/2 I think, has kept much of their spending in check. Boston seems to be where the talent is in the area or at least where businesses see the most new talent wanting to be. I know eight people that have moved in the greater Boston area in the last two years and there across various business lines.

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Re: Another big ass company fleeing CT - Alexion Pharm in Gun Wavin Haven
« Reply #7 on: September 13, 2017, 09:49:16 AM »
If Alexion has not met its contractual oblation to the state then they should be made to give it all back. Seems pretty simple to me. The business climate must be really bad here if they are putting that much at stake just to leave.