H1 2024 Life Sciences Update Market Summaries

Indianapolis

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Market Summary

Public & Private Funding (2024 1H)

Fast Lab Stats

• Job growth has been robust in the Indianapolis corridor, up 25% in the last 10 years, with expectations to increase another 3.9% in the next three years. • Through midyear 2024, venture capital totaled $43 million, nearly four times the volume posted for the same period in 2023. • Local universities are attracting NIH funding, and the completion of programs focused on life sciences has increased 33% over the last 10 years. • Indiana’s Heartland BioWorks Hub was awarded approximately $51 million in federal funding as part of the new Tech Hubs Program. This initiative aims to kick-start workforce development and startup support in the state. The funding, administered by the U.S. Department of Commerce’s Economic Development Administration, will help convene an innovation-focused ecosystem of companies and research entities in targeted sectors. The Heartland BioWorks Hub is one of 12 regional hubs chosen to split $500 million in implementation funding from the CHIPS and Science Act. • State and corporate leaders are collaborating to develop the OneHealth Innovation District in Indianapolis. This district is a partnership between Elanco Animal Health Inc., Purdue University, and the Indiana Economic Development Corporation. It aims to foster research and innovation in human, animal and plant health sciences. The district expands upon Elanco’s original plans for part of the former GM stamping plant site.

Company

Deal Type

Completed

VC Round

$ Raised (MM)

12.6 MSF Total Inventory 0 SF Under Construction 1.9 MSF Proposed 17.2K Total Life Sciences

INCOG BioPharma Services

Early Stage VC

May 2024

3rd Round

$42.9

Kovina Therapeutics

Seed Round

May 2024

2nd Round

$0.3

BioReact

Accelerator/Incubator

Apr 2024

Scioto Biosciences

Later Stage VC

Jan 2024

4th Round

Representative Lease Transactions (2024 1H)

Employment 25.0% Life Sciences Employment 10-Year Growth Rate

Company

Address

Size (SF) New/Renewal

Type

Quarter Landlord

5225 Exploration Drive 2800-2812 Airwest Blvd

MBX Biosciences, Inc.

1,580 Renewal

Direct

Q2 Second Moon

Medtronic

69,993 Renewal

Direct

Q2 Prologis

Comecer

9589 E 153rd St

24,041 New

Direct

Q2 MDH Partners

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings

Company

Type

600

Eli Lilly

HQ

500

Roche Diagnostics Corteva Agriscience Beckman Coulter

North America HQ

400

HQ HQ

300

Development Manufacturing Facility

Catalent

200

Cook Group HQ Simtra BioPharma Solutions Manufacturing Evonik R&D, Production Elanco HQ Ossium Health R&D, Production $1.1B Indiana University-Purdue University at Indianapolis $285M Purdue University $180M Indiana University Bloomington Top NIH-Funded Institutions (2020-2024 1H)

100

-

2020 2021

2022

2023

2024

Hires Unique Postings

Bio Degree-Awarding Institutions, Metro Area • Indiana University-Purdue • University at Indianapolis • Purdue University • Indiana University Bloomington • University of Indianapolis • Marian University • Butler University • Ivy Tech Community College • Franklin College

Annual Life Sciences Degree Completions 2013 994 2023 817 Down 18%

Maggie Tillotson maggie.tillotson@cushwake.com Research Contributors

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

CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2024 FEBRUARY