Puerto Rico Adopts New Economic Incentives Law, Increasing Benefits for Life Sciences...

Puerto Rico Adopts New Economic Incentives Law, Increasing Benefits for Life Sciences Companies

Governor of the Commonwealth and Economic Development Staff Attend
BIO 2008 to Promote
SAN DIEGO--(Business Wire)--
Armed with a sweeping new package of incentives for investment by
companies in life sciences and other industries, Puerto Rico Governor
Anibal Acevedo-Vila arrived at BIO 2008 to meet with corporate
executives and their advisors to discuss the advantages of doing
business in Puerto Rico.

For years, the Island has excelled as a manufacturing powerhouse,
but the Commonwealth is taking measures to evolve into a more
comprehensive center of excellence for life sciences. The new economic
and tax incentives program supports the development of an
innovation-based economy, and enables businesses to receive tax
credits for research and development, clinical trails and for using
renewable energy, among other benefits.

Tax credits will also allow companies to receive additional
benefits by clustering their research facilities in Puerto Rico
alongside their manufacturing plants.

Since 2004, Puerto Rico has received over $4 billion in
biotechnology investment from top companies such as Amgen, Eli Lilly
and Abbott Biotechnology. It is home to the largest concentration of
life sciences industries per square foot in the world and 8 of the top
20 biological products sold in the United States are manufactured in
Puerto Rico.

In addition to the new incentives, the Government has recently
signaled its further commitment to the industry by transferring 70
acres of prime land in metropolitan San Juan, formerly occupied by a
large prison, for the development of an ambitious 20-year project
known as Science City. This will be the anchor for a 2,000-acre
public-private "Knowledge Corridor" that will include a new Molecular
Sciences Complex and the new Puerto Rico M.D. Anderson Cancer Center,
among other developments.

Officials from the Puerto Rico Industrial Development Company
(PRIDCO) will be available at Puerto Rico Booth #2745 throughout the
convention. In addition, they will be hosting a reception on
Wednesday, June 18th at the San Diego Marriott Hotel & Marina (333 W.
Harbor Drive) at 5pm to provide more details on the new incentives.
All are welcome to attend.

For more information on events during BIO 2008, please contact
Maria Mantz at maria.mantz@dc-intl.com or cell, (917) 841-7596.

PRIDCO
Karen Garnik, 787-758-4747 x 22337 / 787-552-5202
kgarnik@PRIDCO.com

Copyright Business Wire 2008