H1 2024 Life Sciences Update Market Summaries

Dallas/Ft. Worth

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Market Summary

Public & Private Funding (2024 1H)

Fast Lab Stats

• Fueled by the region’s strong talent pool, ease of connectivity to international hubs, and an inflow of capital from federal grants and institutional investments, Dallas-Fort Worth is emerging as a life sciences hub. The metro's life sciences industry is diverse, encompassing sectors such as scientific research and development services, chemical and pharmaceutical manufacturing, medical equipment and supplies manufacturing, medical laboratories, and diagnostic imaging centers. • Pegasus Park, a 23-acre life sciences development located on the former Exxon Mobil campus, serves as the first dedicated lab and research space in Dallas-Fort Worth. The Advanced Research Projects Agency for Health (ARPA-H) recently selected the development as one of three regional hubs across the country. Pegasus Park will host the Customer Experience hub as part of ARPA-H's $2.5 billion health innovation network initiative. • NexPoint, a Dallas-based investment firm, is advancing a large-scale life sciences initiative named the Texas Research Quarter, which seeks to repurpose obsolete office space into a facility that caters to laboratory and manufacturing requirements in the life sciences sector. This adaptive reuse project will be on the 91-acre site of the former Electronic Data Systems headquarters and will span a total of 200 acres across multiple parcels. Development will occur in four phases and will cover 4 msf of space upon completion. • Verily, an Alphabet subsidiary focused on the study of life sciences, opened its first Texas location at the Dallas Cypress Waters business park in Las Colinas. The company aims to address the country’s most significant health challenges using AI to develop tools, services and software.

Company

Deal Type

Completed

VC Round

$ Raised (MM)

3.9 MSF Total Inventory 677,000 SF Under Construction 2.6 MSF Proposed 13.1K Total Life Sciences Employment 29.9% Life Sciences Employment 10-Year Growth Rate

Osteal Therapeutics

Later Stage VC

Jun 2024

4th Round

$50.0

Aakha Biologics

Seed Round

Apr 2024

1st Round

$4.8

Cx Precision Medicine

Later Stage VC

May 2024

4th Round

$4.0

Actuate Therapeutics

Later Stage VC

Mar 2024

7th Round

$3.0

Aakha Biologics

Grant

May 2024

$2.6

Aakha Biologics

Grant

May 2024

$0.4

North Dallas Surgical Center

Later Stage VC

Jun 2024

4th Round

$0.02

kinkofa

Accelerator/Incubator

May 2024

$0.01

Surgical Automations

Accelerator/Incubator

May 2024

Representative Lease Transactions (2024 1H) Company Address

Size (SF) New/Renewal

Type

Quarter Landlord

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings

Medisca

4651 W John Carpenter Fwy

25,408 New

Industrial

Q2 2024 Archway Properties

Company

Type

1,000 1,200 1,400

Tenet Healthcare

HQ HQ HQ HQ HQ HQ HQ

McKesson Corporation

Caris Life Sciences AMN Healthcare Lantern Pharma

Fast Lab Stats

- 200 400 600 800

Baylor Scott and White Health

Kimberly-Clark

Alcon

U.S. HQ U.S. HQ

2020 2021

2022

2023

2024

Galderma Laboratories

Hires Unique Postings

BioLabs

Regional HQ

$1.2B University of Texas Southwestern Medical Center $271M University of North Texas Health Science Center $106M University of Texas at Dallas Top NIH-Funded Institutions (2020-2024 1H)

Bio Degree-Awarding Institutions, Metro Area Southwestern Medical Center • University of North Texas Health Sciences Center • Texas Women’s University • Texas Christian University • Texas A&M – Commerce • Texas Tech University • Southern Methodist University • University of Texas

Annual Life Sciences Degree Completions 2013 1,988 2023 3,376 Up 70%

Andrew Matheny andrew.matheny@cushwake.com Research Contributors

Sources: Cushman & Wakefield Research, CoStar, National Institutes of Health (NIH), Lightcast, Pitchbook

CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2024 FEBRUARY