Bridging the Gap to Commercialization for Philadelphia’s Rising Bio-Innovation Scene at the Forefront of Philly Builds Bio+ 3rd Annual Symposium As the life sciences landscape continues to evolve, Philadelphia is [….]
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Give Me Some Space! The Latest on Life Science Lab Spaces in Greater Philadelphia By Mark TerryApril 25, 2023 This section sponsored by ECBuild / EwingCole According to the Winter 2023 Philadelphia Life [….]
Greater Philadelphia Q1 2023 News Recap – Ain’t No Stoppin’ Us Now While times are still rocky, in Q1 Greater Philly showed that it is still very much “on the [….]
Here’s the latest life science news happening out of Greater Philly
Sixteen months since the original announcement, Spark Therapeutics broke ground this week on its Gene Therapy Innovation Center in University City on the Drexel University Campus in Philadelphia. Spark, now a Roche company, developed the first FDA-approved gene therapy, Luxturna. The FDA approved the drug in 2017 to treat patients with confirmed biallelic RPE65 mutation-associated retinal dystrophy.
More than 40 cell and gene therapy companies call Philadelphia home. Their work is facilitated by academic/industrial partnerships with world-class scientists at Children’s Hospital of Philadelphia (CHOP), Temple University, Drexel University, and University of Pennsylvania. Led by Wilson, UPenn’s Gene Therapy Program has been a particularly strong catalyst of the growth that led to $3 billion in investment in cell and gene therapies (CGT) in 2021.
By: Jamie Rash, Regional Director, Keystone Development + Investment
Talk about a spark.
When Spark Therapeutics announced plans at the end of last year to develop a $575 million gene therapy manufacturing plant in Philadelphia, it ignited the city’s evolution into a destination for the largest, most innovative life sciences firms in the world.
Over $1 billion in venture capital (VC) investment is pouring into more than 50 Philadelphia life sciences companies that employ some 20,000 people, generating unprecedented demand for lab space. Supply is limited — even with 1 million square feet of lab space in development — and this supply shortage is driving some developers to capitalize on the demand by converting existing building stock.
Jamie Rash, Keystone Development + Investment
Moving Beyond Meds & Eds
Philadelphia is a long-reputed “meds and eds” city, meaning it’s home to anchor institutions of higher learning and world-leading medical facilities that are known for innovation and opportunity. These institutions are major drivers of economic growth throughout the city.
While the field of gene therapy is still relatively new, it’s moving at a breakneck pace. In fact, 1,745 gene therapies are currently in development around the world! Technological advancements in gene editing, modulation, and replacement technologies have helped to advance this new breed of therapies, raising hope for cures for many of these rare diseases in the near future.
In 2021, Philadelphia continued to prove why it’s an up-and-coming life sciences and biotech cluster. Current reports state the city received $1.23 billion in National Institute of Health (NIH) funding in 2021 — and that number is expected to be bigger once finalized, said Lauren Gilchrist, Managing Director of Research at Longfellow Real Estate Partners.
