Andover-based organ transplant technology company TransMedics Group, Inc. has announced plans to establish its new global headquarters at Assembly Innovation Park in Somerville, less than five miles from Boston. According to a news release, the company will also acquire adjacent land to develop an integrated campus designed to support its continued growth and consolidate corporate operations, research, development and manufacturing into a single location.
TransMedics expects to relocate to the new headquarters by 2028, once the expanded campus is completed, to support operational expansion and enhance the company’s ability to attract and retain talent.
In a statement, TransMedics CEO Waleed Hassanein said the new headquarters will position the company at the heart of the Greater Boston life sciences ecosystem, with close access to leading academic institutions, major transplant centers and a skilled workforce spanning science, engineering and operations.
The project is supported by the Massachusetts Life Sciences Center through a performance-based incentive package that includes tax credits of up to $30,000 per net new, permanent full-time job created through 2031, which TransMedics said could total as much as $18 million if up to 600 new jobs are added.
The City of Somerville is also supporting the relocation through a funding arrangement that provides TransMedics up to $18 million in tax relief over a 10-year period, while generating approximately $75 million in new local tax revenue over the same time frame.
