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$5M to Make NYC a Hub for Biotech Startups

incentives

San Francisco, Los Angeles, and San Diego are often referred to as the major U.S. biotech hubs. New York City, no longer content to remain king of media and finance, is determined to join the club. To that end, the NYCIF, Henry Kravis’ privately funded evergreen fund, has pledged a donation of $5 million to the NYC Bioscience Initiative’s Translational Research Fund. The initiative, which is run by the New York City Economic Development Corp., aims to develop state-of-the-art commercial bioscience facilities throughout the city and its surrounding areas.

$1.25 million of the NYCIF’s funding will be doled out to three to five companies participating in next year’s BioAccelerate NYC Prize, a competition that puts up cash for biomedical translational research.

The City is actually already home to more than 100 bioscience companies, including heavyweights like Bristol Myers Squibb and ImClone Systems. And 60% of the country’s pharmaceutical industry is located in the NYC area. But the Translational Research Fund wants to bring stakeholders from those companies together to act as mentors for the next generation of local biotech startups. If all goes well, the fund will make the transition smoother for companies hoping to transition from university research cash to venture capital.

Next up for NYC: the East River Science Park–the city’s first big bioscience office park. The facility will be completed by the end of the year.

[Via Wall Street Journal]AS