NYC Biotech Gets Investment Boost | Chemical & Engineering News
Volume 92 Issue 31 | pp. 18-19 | Concentrates
Issue Date: August 4, 2014

NYC Biotech Gets Investment Boost

Department: Business
Keywords: investment, biotech, research hub, New York City
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The Alexandria Center on Manhattan’s East Side.
Credit: Michael McCoy/C&EN
Photo of the Alexandria Center for Life Science in New York City.
 
The Alexandria Center on Manhattan’s East Side.
Credit: Michael McCoy/C&EN

The investment arms of Pfizer, Eli Lilly & Co., and Johnson & Johnson are among contributors to a $51 million fund raised by Seattle-based Accelerator Corp., which plans to use it to nurture emerging biotech firms in New York City. Accelerator will be based at the Alexandria Center for Life Science, located in the city’s East Side Medical Corridor. Pfizer and Lilly have operations at the Alexandria Center, as does Roche. However, the nascent research hub has been less successful in attracting the smaller firms common in other biotech centers. Accelerator says it has nurtured a dozen early-stage biotech firms in Seattle and seeks to replicate that effort in New York.

 
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