New Biotech Incubator Will Have New Business Model
Alexandria Real Estate Equities, an urban office real estate investment company specializing in the life sciences, is expanding its Alexandria LaunchLabs into the East Cambridge, Massachusetts area.
Alexandria LaunchLabs is a full-service life science startup platform. It plans to open the new site in September 2018 in One Kendall Square, in Cambridge. It opened its flagship site in June 2017, the Alexandria Center for Life Science —New York City.
Companies that qualify for the site have access to seed capital and mentorship via the Alexandria Seed Capital Platform, a new funding model. It will attempt to introduce life science leaders and venture capitalists to startups. The Alexandria Seed Capital Platform is led by Alexandria Venture Investments and supported by an Advisory Board of experienced biopharma and venture capital executives from Accelerator Life Science Partners, ARCH Venture Partners, Eli Lilly and Company, Pfizer and Roche.
“Cambridge is one of the most innovative and diverse life science and technology ecosystems in the world, and we have spent two decades creating vibrant and collaborative communities on our campuses to drive the discovery and development of treatments and cures for patients,” said Joel Marcus, chairman, chief executive officer and founder of Alexandria Real Estate Equities, in a statement. “Our proven track record of providing first-in-class office and laboratory space to emerging startups and venture-backed companies, as well as our deep expertise in providing funding and accelerating company growth, distinctly positions us to extend the Alexandria LaunchLabs platform into Cambridge.”
The new facility in One Kendall Square will be 22,000 square feet. LaunchLabs will provide shared working space, scientific equipment, and support to about two dozen startups for as little as $2,000 per month. The primary change is that the landlord in this case has a venture capital arm, which may invest in promising startups at the LaunchLabs.
“Our goal is to make sure the companies don’t waste time trying to raise money,” Marcus told the Boston Globe. “They need to spend time on science and focus on products.”
Alexandria Real Estate Equities is the biggest landlord in Cambridge, with more than 4 million square feet of office and laboratory space in the Kendall Square area.
“From single-bench scientists to multinational pharmaceutical companies, Alexandria is committed to supporting life science companies at any stage in their discovery and translation of groundbreaking medical innovations,” said Catherine Nuccio, part of the science and technology team at Alexandria Real Estate Equities and Alexandria Venture Investments, in a statement. “By bringing Alexandria LaunchLabs to One Kendall Square, Alexandria will provide local early-stage companies with the tremendous opportunity to work with our experienced team and world-class network while also remaining in close proximity to their university founders, advisory networks, financial backers and potential biopharma collaborators, which we believe will accelerate the pace of innovation.”
Startups can apply at https://apply.alexandrialaunchlabs.com
Marcus told the Boston Globe, “We’re not interested in leasing to just anybody. We have very high expectations. We want these companies to grow up and be big, big companies.”
An example of an early company with Alexandria, the first tenant at its first Science Hotel in 2002 in Cambridge, was Alnylam Pharmaceuticals.