The Globe reports that Shire Pharmaceuticals is buying four lab buildings in Raytheon’s former Lexington campus for more than $200 million. The company is already a tenant in 435,000 square feet of the Lexington Technology Park.

The move is part of the company’s effort to expand in the Boston suburb. It’s also an example of your tax dollars at work. Even before the state passed its $1 billion life science bill two years ago, Gov. Patrick’s staff was reportedly promising Shire a piece of the tax break package.

Two years ago, the company had said it would consider moving its Cambridge operation — and 680 new jobs —out of state unless Massachusetts could come up with some incentives. Incentives include road and utilities improvements, tax breaks and other payments many companies expect as states try to compete for jobs. Shire said it had many courters.

So today’s move was subsidized with $40.5 million in state and $7.5 million in local incentives and then some. The Globe reported in December that: More than half the $25 million in tax credits doled out to 28 firms earlier this week by the Massachusetts Life Sciences Center went to three that were already prospering without extra help from the government – Genzyme Corp., Shire Human Genetic Therapies, and Cubist Pharmaceuticals Inc.Shire got the largest credit at $6.3 million.

Some say the state would do better than to throw money at companies that would probably locate here anyway.

But, state economic development staff say they have gotten smarter over the years. Development incentives – once pure give-aways – have become more sophisticated. Payments sometimes include “clawback” measures: If the companies don’t produce the jobs, they have to pay the state back.

A good thing to keep an eye on. So far, the Shire jobs site lists five in Lexington.

Click here for more BBN reporting on the state “Life Sciences Initiative.”