NEW HAVEN, Conn. (AP) -- Connecticut Gov. Dannel P. Malloy has announced that Alexion Pharmaceuticals Inc. is expected to create up to 300 jobs after moving its headquarters to New Haven with up to $51 million in state aid.

Malloy announced the economic development move on Tuesday as part of his "First Five" initiative intended to draw large-scale businesses.

Alexion, which posted profit of $175.3 million in 2011, was founded in 1992 as a biopharmaceutical startup in New Haven's Science Park. It moved to Cheshire in 2000.

State aid includes a 10-year loan of $20 million at a 1 percent rate with principal and interest deferred for five years, loan forgiveness of up to $20 million based on the creation of 200 to 300 full-time jobs and a $6 million grant to build laboratories and equipment.