Blackstone Real Estate, a strong supporter of life sciences, has led the $540m in financing helping Deerfield with the acquisition and renovation of the facility
Image: NYCLifeSci campus would pursue all forms of technology, including digital, medical device and biotherapeutic approaches. Photo: Courtesy of Tania Dimas from Pixabay.
Deerfield Management Company is investing $635m (£517m) to open a new life sciences campus in New York City, US, that integrates advancements in academia, government, industry and the not-for-profit sectors to address unmet needs in healthcare.
The company intends to commit more than $2bn (£1.6bn) in research and seed funding, to develop required new and advanced medicines and treatment solutions, by 2030.
Deerfield managing partner James Flynn said: “We are proud to be part of a community of people in New York who strive to save and extend lives. Creating an environment in which innovative thinking, ground-breaking advances in scientific discovery and where the development of new paradigms of patient care will occur every day is tremendously exciting.”
NYCLifeSci campus will feature laboratories, engineering and computing space, and other amenities
Deerfield said that the advanced healthcare infrastructure and funding is aimed at contributing to the prevention, cure and management of many deadly and debilitating diseases.
The company has purchased the 345 Park Avenue South property, spreading across more than 300,000ft2 area, for the NYCLifeSci campus.
The NYCLifeSci campus is expected to join scientists, entrepreneurs and organizations across the world to work together on developing new treatments and better ways to prevent and defeat disease.
In addition, the campus would provide turnkey laboratories, engineering and computing space, along with other amenities and supporting services.
Deerfield said that its advanced NYCLifeSci campus would pursue all forms of technology, including digital, medical device and biotherapeutic approaches.
The New York City Economic Development Corporation and Industrial Development Agency (NYCEDC) has provided support for the company in construction and programming of the building, which is expected to be ready by early 2021.
NYCEDC president & CEO James Patchett said: “We are thrilled that our partnership with Deerfield will not only create quality jobs for New Yorkers but will also help provide a home for emerging companies to develop breakthrough scientific discoveries.
“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.”