NYC's biotech scene gets cash and office space with Beacon's new incubator
New York City’s self-declared biotech hub got a new player Wednesday with the launch of Beacon Pharma, a startup incubator that will provide cash and space to life science companies in the region.
The incubator was founded by Beacon Capital, a family office that does deals both in life sciences and in real estate. The group is committing to seed startups housed at the incubator with small deals — between $30,000 and $1 million per startup — structured mainly as convertible debt. Beacon says it has $30 million to $50 million in a fund but noted the money wasn’t specifically reserved for the incubator’s startups, saying instead that it will invest in “various startups selected by Beacon Pharma, as well as others in the New York and New Jersey area.”
The incubator will have facilities in both New York and New Jersey, according to a Beacon statement, for a combined 50,000 square feet of flex office and lab space.
“Beacon Capital’s goal is to be a catalyst in minimizing drug to market time, while helping biotech companies remain well funded,” said Nancy Torres Kaufman, Beacon Capital’s CEO.
Kaufman noted the family office, which has operations in both New York City and Miami, is considering opening similar incubators in Virginia, Florida, and Mexico in the upcoming year.
The incubator is the latest entrant to what NYC considers a growing biotech hub. The city has seen a boost of life science activity in recent years, thanks to efforts made by the state and city to incentivize biotech to plant roots in New York.
Image: New York City. SHUTTERSTOCK