Bayer has opened a new U.S. cancer research and innovation center at the tune of $140 million—a move that will add 50 new jobs—as the German pharma attempts to become a top 10 oncology company by 2030.
The 62,100-square-foot precision molecular oncology research building is in biotech hub Kendall Square, a neighborhood of Boston-Cambridge, Massachusetts, which is home to about 1,000 biotechs. The new two-story Bayer building currently has space for 100 employees, and the pharma company is prepared to fill an extra 50 roles in the coming months. according to a June 29 news release.
As Bayer channels a significant portion of its global R&D budget into oncology, other biotech players have had to cut back amid clinical setbacks and a tough market downturn. In the last three months, the bear market has forced at least 27 biotechs to lay off staff.
Bayer has had plans for the research building in the works for years. In 2019, the pharma said it intended to significantly expand its presence in Kendall Square from 20 employees to an extra 150 within three years.
Now, the plans have come to fruition. Outfitted with labs and offices for developing new cancer therapies, the building is also designed to boost collaboration efforts between Bayer research and development teams, as well as with internal partners such as BlueRock Therapeutics, Asklepios BioPharmaceutical and Vividion Therapeutics, and external partners too.
Along the same line, Bayer anticipates the center will play a role in future partnering investments and collaborations. Since 2020, the company’s venture arm Leaps by Bayer has invested $1.2 billion in healthcare companies, announcing just today its participation in a $120 million extended series B round for genetic medicine and mRNA biotech ReCode Therapeutics.