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Biotech startups ditch New York and Boston over rising rent prices

Image Credit: Bert Kaufmann

(Reuters) — The biotech industry is facing high rents and tight lab space in Boston, New York and San Francisco, forcing companies into the suburbs in a sign the “live, work and play” movement into big cities may have hit a roadblock.

For example, Modern Meadow, a biotech start-up poised to commercially manufacture leather from synthetic animal protein, was looking at a prohibitive $200 million cost to build its own lab in New York City.

Instead, it found existing lab space at the former U.S. headquarters of Swiss drug-maker Roche in Nutley, New Jersey, a scant 12 miles (19 km) from Midtown Manhattan.

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