From the Boston Globe:

Massachusetts life sciences firms were big winners in a round of federal grants and tax credits awarded in Washington.

Local biomedical firms landed 546 federal grants and tax credits, totaling $126 million, as part of a "therapeutic discovery" program created as part of the omnibus health care reform package.

Nationwide, the program is distributing $1 billion worth of grants and tax credits to nearly 3,000 small biotechnology firms across the country.

The provision, which was authored by Massachusetts Senator John F. Kerry, created a two-year temporary tax credit for small life science businesses. The credit is designed to encourage investments in new therapies to prevent, diagnose and treat acute and chronic diseases.