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The Curious case of Beacon Pharmaceutical; hospital system partners with tech

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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

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Story: Providence St. Joseph ramps up tech partnerships, M&A to improve patient care

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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.