Deerfield bets on New York City, blueprints $635M biotech hub in midtown Manhattan
In translational deals with top research labs at the Broad, Harvard, UNC Chapel Hill and Columbia, Deerfield Management has made it clear that it doesn’t mind writing big checks to get in early on biotech ventures that may be years in the making. Its latest bet is taking that strategy one step further.
Deerfield is dedicating $635 million to a real estate project with the goal of building a biotech hub in midtown Manhattan where academics and entrepreneurs from the area can flesh out the science and grow their teams. Up to two thirds of the space will be wet lab capable, and specialized ventilation as well as data systems will be outfitted.
The New York-based investment firm submitted its proposal for the project in response to the city’s call to create a life sciences hub. It’s also committing $30 million to a workforce training initiative, which features internship, fellowship and diversity programs.
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