Rising rents and limited lab space are forcing biotech start-ups to move out of US cities and into the suburbs. The number of startups in Silicon Valley has grown from about 100 a decade ago to more than 1,000 today, according to data compiled by CB Insights, an online research firm. Exosome Diagnostics, which aims to deliver biofluid-based diagnostics, relocated to Waltham, Massachusetts from Cambridge, to cut its rent by three to four times.
Rising rents and limited lab space are forcing biotech start-ups to move out of US cities and into the suburbs. Modern Meadow, which makes leather from synthetic animal protein, has secured lab space in Nutley, New Jersey, and $32.2m in state tax credits after facing a $200m bill to build in central New York City. Exosome Diagnostics, which aims to deliver biofluid-based diagnostics, relocated to Waltham, Massachusetts from Cambridge, to cut its rent by three to four times.