Biomeasure, an affiliate of the French drug maker Ipsen, has cancelled an expansion of its facility in Milford, and now plans to sell the property and transfer employees to another town.
Its research staff will be transferred to another facility, in another town, the company's treasurer told Milford officials in a letter. The manufacturing staff would remain, under different ownership, if the company sells to another drug manufacturer.
The announcement, in a letter to Milford Town Administrator Louis Celozzi, includes a request to cancel the tax increment financing agreement for the company, approved by Milford town meeting representatives in 2012. This TIF provided tax incentives for the company to expand its facility on Maple Street.
The company had planned a $42 million investment in the 60,000-square-foot expansion. Under the five-year TIF agreement, the company promised to add 20 more employees and to retain 155 existing workers in Milford.
"After careful analysis and consideration, Ipsen has made strategic course changes that impact previous proposed plans for the Biomeasure Milford site," company Treasurer Robbin Eynon wrote on Dec. 20. "We have cancelled our expansion project, at the Milford site, and we plan to sell our Maple Street facility (land and buildings), transferring our current manufacturing staff to a new buyer. Our existing research employees will remain with Biomeasure, but will be moved from the existing Maple Street facility and will likely be relocated to another town. Though this transaction may result in a reduced workforce at 27 Maple Street, the facility is expected to remain fully operational as the manufacturer of a critical and lifesaving therapy for hemophilia, albeit under different ownership. As we do not yet know who will purchase the Maple Street facility, or what their strategy will be, job growth and/or facility expansion might or might not be part of the future."
The company did not disclose, in the letter to Celozzi, what town would receive the research employees transferred from Milford.
Biomeasure is part of the multi-million dollar international company Ipsen, which conducts medical research. The company located in Milford after initially considering a site in Marlborough.
In November, Ipsen announced that its partner, Inspiration Biopharmaceuticals, was seeking Chapter 11 bankruptcy protection. Inspiration is seeking court approval for the sale by auction of its assets to a third party purchaser, according to a report in thepharmaletter, a trade publication for pharmaceutical companies.
According to online town records, the property at 27 Maple St. is valued at $5 million.