Frequent biopharmaceutical company backer Deerfield Management Co. LP is investing $635m in a New York City life science campus with $540m in financing from Blackstone Real Estate and others to buy and renovate a building at 345 Park Ave. South with 300,000 square feet of office and lab space that will be made available at affordable rates to early-stage companies emerging from academic, government, industry and nonprofit groups.
The New York facility is expected to open in early 2021 and may go a long way to meeting Deerfield's goal – also announced on 26 September – of investing more than $2bn by 2030 in companies that are developing new drugs and other treatments for a variety of diseases
Deerfield has committed up to $30m in partnership with the New York City Economic Development Corp. (NYEDC) to provide programming focused on workforce development, diversity and inclusion
