Describing the occasion as “a very big day for the life sciences community,” Gov. Charlie Baker on Friday signed into law the Life Science Bond Bill at Bunker Hill Community College.
The bill "ensures all of Massachusetts remains the best place in the world for life sciences,” said Massachusetts Biotechnology Council President and CEO Robert Coughlin in a statement.
Coughlin noted that the money would provide "targeted investments in workforce development, biomanufacturing, convergence, and early stage science."
Over the course of five years, Massachusetts will dole out roughly half a billion dollars to support the life sciences.
According to the UMass Medical School, $150 million of these investments will be allocated among the five campuses of the University of Massachusetts, with $50 million designated for neuroscience research, technology and training.
The law expands upon a 10-year, $1 billion life science bill introduced in 2008 by former Gov. Deval Patrick. It helped fund capital investments in biomedical facilities and infrastructure, grants for local researchers, and tax incentives for companies in the life science sector.