Secrecy surrounds Minn. subsidies for biotech firm
ST. PAUL, Minn. (AP) – An Illinois company is the pharmaceutical firm in line for a batch of Minnesota subsidies and tax breaks.
The Legislature is advancing the incentives as a way to encourage Baxter International, a Fortune 500 company, to add 200 high-paying jobs in the state. They would get a sales tax exemption, a $5 million forgivable loan and possibly more from a package that state officials have been trying to quietly assemble.
The planned project is in the Minneapolis suburb of Brooklyn Park. Baxter is a $14 billion-a-year company that makes devices and drugs to treat hemophilia, immune disorders, infectious diseases, kidney disease and other acute conditions.
Top lawmakers and the governor had refused to identify the company, citing a nondisclosure clause. The name became public at a hearing Tuesday.