Deerfield Management to invest $635m to build healthcare innovation campus in US

WCN Editorial Team 30 Sep 2019 NORTH AMERICA BUILDINGS

US-based healthcare investment firm Deerfield Management has unveiled plans to invest $635m (£514.3m) to build a new healthcare innovation campus in New York City.

The new life sciences facility, named NYCLifeSci, will integrate the capabilities of innovators from academia, government, industry and the not-for-profit sectors to help address the needs in the healthcare industry.

Planned to be developed in partnership with New York City Economic Development Corporation (NYCEDC), the project involves redeveloping a 12-storey building located at 345 Park Avenue South into a life sciences campus.

Expected to create approximately 1,400 jobs, the new life sciences campus is planned for completion in early 2021 and will be operated by Deerfield in partnership with MATTER, a Chicago-based non-profit healthcare incubator.

Featuring turnkey laboratories, and engineering and computing space, as well as other amenities and supportive services, the campus will bring together scientists, entrepreneurs and organisations to work together to develop new treatments and better ways to prevent and defeat the disease.

The new campus will comprise approximately 300,000ft² of life sciences space, of which more than 200,000ft² will be wet lab capable.

MATTER will be responsible for providing resources and programming to accelerate startup development and boost collaboration between entrepreneurs and organisations.

NYCEDC president and CEO James Patchett said: "The shortage of commercial laboratory, engineering, and computing space has prevented us from developing cures for some of the most pressing medical conditions here in New York and nationally, but with LifeSci NYC we are changing that quickly.

"Our partnership with Deerfield and MATTER is a game changer for New Yorkers and patients everywhere and will provide a new home for breakthrough scientific discoveries and approximately 1,400 quality good-paying jobs in the life sciences sector."

Additionally, Deerfield said it plans to invest more than $2bn (£1.6bn) in research and seed funding by 2030 in a bid to develop new and innovative medicines and treatment solutions to contribute to the prevention, cure or management of still deadly and debilitating diseases.

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Image: The new healthcare innovation campus will comprise approximately 300,000ft² of life sciences space. Photo: courtesy of Jürgen Rübig from Pixabay.

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