Cambridge Market Heats Up As BioMed Signs Biogen
Published: Apr 03, 2015
April 2, 2015
By Riley McDermid and Krystle Vermes, BioSpace.com Breaking News Staff
Massachusetts-based Biogen, Inc. apparently will be staying in Cambridge for the long term, after biotech leasing company BioMed Realty Trust, Inc announced Thursday that it just signed a 10-year lease with the biotech for approximately 80,000 square feet of Class A laboratory and office space at the company's 301 Binney Street property.
The company said in a statement that it has leased the entire fifth floor of the office and lab building to Biogen, which put it at full capacity for the 417,000-square-foot property. Biogen will now join neighbors Ironwood Pharmaceuticals and Living Proof.
"BioMed Realty is pleased to welcome Biogen to our growing list of tenants in Cambridge, and we look forward to building a long relationship with such a strong player in the Kendall Square research community," said Bill Kane, Senior Vice President for BioMed Realty in Boston/Cambridge.
Biogen focuses on creating therapies for neurological, autoimmune and hematologic disorders. BioMed said the company will use the new space “to expand its drug discovery efforts in this core life science district,” adding it is one of the “largest and fastest growing” global life science companies based in Massachusetts.
"We are seeing a growing demand for life science real estate, especially quality laboratory space, here in Cambridge,” said Kane, “and we are focused on developing and leasing this unique type of real estate to companies like Biogen, Baxter Healthcare Corporation and the growing number of new biotech companies seeking to develop breakthrough therapies in strategic locations."
Today’s announcement follows recent news that Reed Elsevier and Akamai Technologies have just snapped up 100,000 square feet at the recently renovated 50 Hampshire property.
“These leases reflect the strong demand for lab and office space in Cambridge market,” said BioMed.
Last week Biogen Idec, Inc. announced that it will officially be dropping Idec from its name, taking on the new title of Biogen. In addition, the company will be introducing a new corporate identity and logo that highlight its focus on therapies for unmet medical needs. Chief Executive Officer George Scangos said Biogen is making progress in treatments for Alzheimer’s disease, ALS and other nerve degenerative diseases.
“After 12 years operating as Biogen Idec, our company will now be known simply as Biogen,” said Scangos, in a letter on the company website. “In the years since Biogen and Idec merged, we’ve made remarkable progress as a research organization, a commercial enterprise, a provider of medicines and a corporate entity”
Scangos went on to write that although the old Biogen and old Idec contributed to the company’s current success, Biogen is now a distinct company. He also noted that the new name is meant to acknowledge Biogen’s heritage, but embrace its new image.
Biogen Idec’s previous logo depicted the company’s name in lowercase letters, encased by fine black lines. The new Biogen logo is a grass green sphere with one-third of it filled in with light blue.
The Continued Success of Biogen
Before the name change, Biogen was already seeing success due to its growing portfolio and new treatments. In January 2015, the company released data on its 2014 revenues, showing a 40 percent increase from the previous year. Biogen marked its revenue at $9.7 billion.
“2015 promises to be another exciting year,” Scangos said at the time of the announcement. “Our focus on novel biology to seek treatments for challenging diseases has shaped our pipeline and business strategy, and we expect that will continue in the future. We believe our drive to bring real value to patients, providers and payers has the potential to improve lives, benefit health-care systems and serve our shareholders as well.”
Biogen’s fourth quarter revenue increased 34 percent to $2.6 billion, compared to the third quarter of 2013. For this year, the company predicted that its revenue growth would be between 14 and 16 percent.
Biogen announced results from a clinical study examining BIIB037 for the treatment of Alzheimer’s disease. After confirming that its product could reduce amyloid plaque in the brain on March 20, its stock rose more than 4 percent.