Takeda is planning hundreds of layoffs in Massachusetts
CAMBRIDGE - Takeda is planning to lay off more than 600 people in Massachusetts. The news comes one year after the state awarded the pharmaceutical company nearly $2 million in tax incentives.
Takeda layoffs planned in Cambridge and Lexington
According to a WARN notice filed with the state, 495 employees will be affected in Cambridge and another 146 layoffs will hit its suburban campus in Lexington. The workers will be let go between July 2024 and March of 2025, the notice states.
Takeda said it had to make "difficult choices" to lay off some employees in order to "meet the organization's needs moving forward."
"We are committed to our presence in Massachusetts and are confident that we will remain the largest life sciences employer in the state, with Cambridge serving as our global hub for Takeda as we prepare for continued growth," Takeda said in a statement to WBZ-TV.
In 2022, Takeda announced it had signed a 15-year lease to expand its presence in Kendall Square.
"We have been in touch with Takeda and understand that this is not just impacting Massachusetts but is part of a global restructuring," said Margaret Quackenbush, a spokesperson for the Executive Office of Economic Development. "We are confident that Takeda remains committed to Massachusetts and are grateful to have the company on Team Massachusetts as a key player in our life science ecosystem."
Takeda was awarded tax break last year
One year ago, Gov. Maura Healey's administration announced Takeda was one of 43 life sciences companies in the state to receive $24.4 million in tax incentive awards.
"This funding will support cutting-edge research, advance the manufacturing of life-changing therapies, create thousands of jobs for companies across the state, and strengthen our position as the best place in the world to grow a life sciences company," Healey said in a statement.
Takeda Pharmaceuticals in Lexington was awarded a $1.875 million incentive and pledged 125 new jobs. The program required that the companies maintain the job commitments over a five-year period if they claimed the incentive.
Takeda voluntarily declined to take the credits nearly four months ago and formally terminated the corresponding agreement in February of 2024.
