New NYC Life Sciences Campus Expected to Provide 1,400 Jobs
New York City’s life sciences community continues to boom as Deerfield Management Company, in partnership with LifeSci NYC and the New York City Economic Development Corporation, announced an initial $635 million investment to create a transformative life sciences campus in the Big Apple, and a total commitment of $2 billion by 2030.
The funding to support the New York-based Healthcare Innovation Campus will be used to support research of new and innovative medicines and treatment solutions for a variety of diseases, Deerfield announced this morning. Deerfield said it expects the new campus to provide “world-class infrastructure” and funding to boost future drug development.
The home for the future campus is a facility on Park Avenue that provides more than 300,000 square feet of space to support healthcare and biotech start-ups and growing companies that work on cutting-edge R&D to treat diseases and chronic conditions. The site, which has been designated a NYCLifeSci campus, will provide turnkey laboratories, and engineering and computing space, as well as other amenities and supportive services, Deerfield said. More than 200,000 square-feet will be wet lab capable, according to the announcement. The campus will create approximately 1,400 quality jobs and is expected to open in early 2021.
Programming for emerging healthcare and life sciences companies will be operated by Deerfield in partnership with MATTER, a Chicago-based nonprofit healthcare incubator. MATTER will provide resources to accelerate startup development and also boost future collaboration between entrepreneurs and organizations, including corporate innovation groups, patient groups and market leaders.
“Deerfield’s expertise and resources, combined with MATTER’s capabilities and experience, will create a healthcare and life sciences campus unlike any other," said MATTER Chief Executive Officer Steven Collens said in a statement. “We are thrilled to be a part of this endeavor to help entrepreneurs and innovators develop technologies and solutions that will improve the healthcare experience."
James Flynn, managing director of Deerfield, said it’s exciting to be at the forefront of creating an “environment” where ground-breaking advances in scientific discovery and new developments in treating disease will occur.
The announcement of the new campus comes on the heels of another life sciences project Deerfield Management has been involved with in New York. In June, Deerfield teamed up with Columbia University to form a research and development alliance called Hudson Heights Innovations that will be backed by an initial investment of $130 million from Deerfield.
NYCEDC President and CEO James Patchett hailed the partnership and campus as a facility to provide a home in New York City for emerging companies to develop breakthrough scientific discoveries. He called it a “game-changer” for the New York life sciences community.
“New York City already has the best research institutions in the world. By investing in this Life Sciences campus to bring new lab space and programming for healthcare and early-stage biotech companies, we can strengthen the city’s position as a global leader in life sciences,” Patchett said in a statement.