Beacon Pharmaceutical is seeking to set up a bioscience research and development accelerator in Jupiter, Fla., after previously pitching similar projects in New York and New Jersey. Source: City of Jupiter, Fla. |
Beacon Pharmaceutical, an affiliate of Beacon Capital LLC of New York, got one step closer last week to building a 150,000 square-foot bioscience research and development accelerator in Jupiter, Fla., after the town's council gave its blessing to the company's site plan.
The company has committed to investing at least $44.2 million in the facility, though the Business Development Board of Palm Beach County in Florida, which brought the company to Jupiter, said in February that the investment could be as much as $80 million.
Beacon Capital — which has a history in the fashion industry, cryptocurrency and of supporting the Right to Try Act — also planned to do a similar project last year in New York City and nearby New Jersey. It pledged to build a 50,000 square-foot biotech incubator with flex office and lab space, placing "$30 million to $50 million into various startups," according to a March 20, 2018, press release.
In that release, Nancy Torres Kaufman, CEO of Beacon Capital and chair of Beacon Pharmaceutical, said she was considering launching similar initiatives in Virginia, Florida and Mexico "in the upcoming year."
But after gaining publicity on the New York-New Jersey project from industry-focused media outlets Endpoints and FierceBiotech, Beacon appears to have shelved it and set its sights on Florida.
A spokeswoman for the life sciences team at the New York City Economic Development Corp. told S&P Global Market Intelligence the group was unfamiliar with Beacon Pharmaceutical and its 2018 incubator plans, had never worked with the company and had no connections to it.
Story: Curious case of Beacon Pharmaceutical: Jupiter, Right to Try, fashion and a raft
Chart of the Week
Story: Providence St. Joseph ramps up tech partnerships, M&A to improve patient care
Must Read
J&J, ViiV embrace collaborative nature of HIV therapies to seek new treatments
The decadeslong search for more effective HIV treatments has led otherwise competitive pharmaceutical companies to enter into collaborations toward a common goal of improving the lives of almost 38 million people around the world with the infection.
Critics slam White House analysis for ignoring expensive drugs
A White House analysis failed to include the prices of expensive medicines, like those administered in doctors' offices and hospitals, and a Democratic subcommittee chief called for improvements to House Speaker Nancy Pelosi's drug pricing bill.
US pricing watchdog flags AbbVie, Roche, other top drugmakers for overcharging
A two-year analysis from U.S. drug pricing watchdog the Institute for Clinical and Economic Review said costs for drugs from AbbVie Inc., Roche Holding AG, Pfizer Inc., Gilead Sciences Inc., Amgen Inc., Eli Lilly and Co. and Biogen Inc. rose without any new evidence supporting better efficacy.
Qiagen's stock dives as Q3 losses spell trouble in China for life science tools
Qiagen NV preannounced third-quarter earnings results, disclosing over 25% in revenue declines in China, causing its shares to fall 20.7%. Other life-sciences-tools makers also saw their shares decline.
Biotech lobbying group chief Jim Greenwood to exit after 2020 elections
Biotechnology Innovation Organization CEO Jim Greenwood plans to leave the group at the end of next year, though he will stay on in a transitional role into 2021.
In Other News
Healthcare sector continues growth trend with 38,800 jobs added in September
The healthcare industry added 38,800 jobs in September, continuing its 2019 growth trend. Job numbers for July and August were also revised upward in September's report.
Trump's piecemeal approach to healthcare to continue, White House aide says
Joe Grogan, director of the White House Domestic Policy Council, said President Donald Trump plans to roll out healthcare policies every one to three weeks between now and the end of 2020.
Federal health agency proposes changes to Stark Law, anti-kickback statute
Two proposed rules from the Trump administration aim to update the 30-year-old Stark Law and the anti-kickback statute, continuing the administration's support for value-based payment models.
After slew of setbacks, Sarepta shares bounce on early gene therapy data
Sarepta Therapeutics Inc., whose shares took a sharp dive after multiple negative events in August, finally saw some reprieve with early results from its experimental muscular dystrophy gene therapy.
Belgium's UCB to take over Ra Pharmaceuticals in $2.1B deal
Brussels-based UCB SA agreed to acquire Cambridge, Mass.-based Ra Pharmaceuticals Inc. for $48 per share in cash, for a transaction value of about $2.1 billion.
Essential Healthcare is a weekly collection of critical developments across the pharmaceutical, biotechnology, healthcare provider, healthcare technology and medical equipment industries that draws on exclusive analysis and value-added content from the Healthcare News team at S&P Global Market Intelligence. Subscribe now to get Essential Healthcare delivered to your inbox every week.