Correction: Puerto Rico-Pharmaceutical Investment story

AP News
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Posted: Nov 01, 2016 11:55 AM

SAN JUAN, Puerto Rico (AP) — In a story Oct. 31 about a pharmaceutical company investing in Puerto Rico, The Associated Press incorrectly identified the company as Biogen Inc. of Cambridge, Massachusetts. The company investing in Puerto Rico is Biogen SAS, which is based in Colombia.

A corrected version of the story is below:

Colombia drugmaker Biogen to invest $92 million in Puerto Rico

Colombia drugmaker Biogen SAS is investing more than $92 million in Puerto Rico after buying assets that once belonged to Eli Lilly & Co. in the island's southern region.

Gov. Alejandro Garcia Padilla says the will manufacture active pharmaceutical ingredients at the plant in Guayama and employ about350 people in the next five years.

Garcia said Monday that his administration offered about $2 million worth of incentives as part of the deal.

An increasing number of health care companies are investing in Puerto Rico as the U.S. territory seeks to boost its manufacturing sector amid a 10-year economic slump.