How Favorable Tax Incentives are Driving Growth for Lykan Bioscience

An Economic Boost for the Town of Hopkinton

When Bostonians hear “Hopkinton,” they usually think of one thing: the Boston Marathon, which begins in the town. Soon, they might also think of cell therapy, thanks to powerhouse Lykan Bioscience, which calls Hopkinton home.

It didn’t take long for Lykan to make a name for itself in the health care and scientific communities. In 2020—just months after opening—the company received a 2020 Manufacturer of the Year award from the Massachusetts Legislature’s Manufacturing Caucus. The next year, it received the Gold Award at MassEcon’s Economic Impact Awards event.

97 South St, Hopkinton, MA

Now, three years after opening its doors, the company is ready to expand again—and where else, but in Hopkinton?

The plan is for a state-of-the-art $90 million, 112,000-square-foot manufacturing facility that will create 125 new jobs. More importantly, it will help meet the growing demand for cell therapies and treatments for cancer and other illnesses.

Business Development Strategies, Inc. (BDS), a leading government tax incentives consulting firm led by Lynn Tokarczyk, helped secure the substantial tax incentives deal for Lykan.

Patrick Lucy, President and CEO of Lykan Bioscience praises the BDS team for their success. “Having BDS in our corner for a second time gave us the valuable guidance we needed to secure favorable financial results.” “We are so grateful to Hopkinton and their forward-thinking town officials.”

Norman Khumalo, Hopkinton Town Manager, calls it a win-win. “We couldn’t be more thrilled. Town Meeting voted to approve the incentives package for Lykan. The company has been a great partner. The Town is pleased that Lykan has decided to continue building its future in Hopkinton.”

“The Life Sciences sector continues to be a rapidly growing industry in Massachusetts with numerous company expansions in the wake of the pandemic. Many companies are choosing to expand in suburbs that offer easy access to Boston, Worcester and beyond. These communities offer key attractions such as a high quality of life and close proximity to excellent schools, hospitals and global biopharmaceutical companies,” says Tokarczyk.