In the midst of what’s on track to be the Philadelphia’s regions best year for venture capital deals ever, life sciences are making a strong showing, too.
According to a new report from CBRE, raised $777 million in venture capital in just the first half of in 2021, already eclipsed the total of the last two respective years — and the report makes a case for local life sciences activity reaching $1.4 billion this year.CBRE EVP Bob Zwengler attributes growth in the life sciences industry to formerly incubator-based companies finally branching out on their own, coupled with local gene and cell therapy developments.
“The growth in life sciences has been over the last several years,” he told Technical.ly. “Companies that were in incubators over the last few years or in small spaces have emerged from what they were affiliated with before. As science begins to advance, we need more space. Once they raise money, they really need to grow.”
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