Bristol-Myers going all-in on biotech hub Cambridge for R&D
- Bristol-Myers Squibb's new Kendall Square location in Cambridge, MA will open in late 2017.
- Alexandria Real Estate is building a 431,500-square-foot facility, which will include lab and office space.
- There will be about 300 researchers, who will focus on genetically defined diseases, molecular discovery technologies, and discovery platform chemistry.
Cambridge, MA has become the red-hot center of biotech research, development, and partnership, and in the process has attracted numerous large companies, such as Novartis, Pfizer, Sanofi, and others, along with smaller biotech start-ups. There is also the draw of the presence of academic institutions, such as Harvard and MIT.
BMS' decision to take on a large presence in Kendall Square is part of a larger trend as companies decamp from far-flung suburbs and seek the advantages of being in a more densely populated community of companies and institutions with similar goals.
One downside: rents are quickly rising, and have hit the $80-per-square-foot mark, leaving some start-ups out in the cold.