H1 2024 Life Sciences Update Market Summaries

Salt Lake City

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Public & Private Funding (2024 1H)

Market Summary

Fast Lab Stats

• The strengths of Utah’s blossoming life sciences industry are in the medical devices, diagnostics, pharmaceutical and biotechnology industry subsectors. Ample investment is pouring into the state. In July 2024, the Economic Development Corporation of Utah (EDCUtah) announced that Edwards Lifesciences will bring 560 new, high-paying jobs and invest nearly $34.8 million over the next 15 years. • As of February 2024, Utah’s life sciences industry supported over 180,000 jobs with above average wages and contributed more than $22 billion to the state’s GDP. Utah is one of only a few states that has a specialized employment concentration in three or more bioscience subsectors, including medical devices and equipment, pharmaceuticals, as well as research, testing and medical laboratories. • Of Utah's 1,634 life sciences establishments in 2022, 48.6% were in bioscience-related distribution, 28.7% in research, testing and medical laboratories, 13.3% in medical devices and diagnostics, and 9.4% in therapeutic and pharmaceuticals, according to BioUtah's "Economic Impacts of Utah's Life Sciences and Health Care Innovation Industry" report in November 2023. • For the last decade, Utah’s life sciences industry outpaced all other states. Life sciences average annual job growth of 5.1% exceeds that of other Utah industries (3.4%) and life sciences in other states (3.5%).

Company

Deal Type

Completed

VC Round

$ Raised (MM)

4.2 MSF Total Inventory 0 SF Under Construction 1.1 MSF

Halia Therapeutics

Later Stage VC

Jan 2024

4th Round

$30.0

EVOQ Nano

Angel (individual)

Mar 2024

Angel

$10.0

Fluidx Medical Technology

Later Stage VC

May 2024

3rd Round

$1.3

Thunder Biotech

Later Stage VC

Feb 2024

6th Round

$1.1

Sorriso Pharmaceuticals

Early Stage VC

May 2024

2nd Round

Proposed 11.7K Total Life Sciences Employment 85.1% Life Sciences Employment 10-Year Growth Rate

Representative Lease Transactions (2024 1H )

Company

Address

Size (SF) New/Renewal

Type

Quarter Landlord

Direct Expansion

Myriad Genetics

322 N. 2200 W.

62,737 New

2

Global Atlantic Financial Group

Undisclosed

650 Komas Dr.

4,884 New

Direct

2

Woodbury Corporation

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings

Company

Type

100 150 200 250 300 350 400 450

ARUP Laboratories Myriad Genetics Teva Pharmaceuticals

HQ HQ

Regional Office Regional Office Regional Office Regional Office

bioMerieux

Thermo Fisher Scientific

Fast Lab Stats

Stryker

- 50

HQ HQ HQ HQ

BioFire Defense

2020 2021

2022 2023 2024

Carterra

Nelson Labs

Hires Unique Postings

Bipharm Laboratories

$1.1B University of Utah $8M Epitel, Inc. $6M Glycomira, LLC Top NIH-Funded Institutions (2020-2024 1H)

Bio Degree-Awarding Institutions, Metro Area • University of Utah • Brigham Young University • Utah State University • Utah Valley University • Southern Utah University • Weber State University • Utah Tech University

Annual Life Sciences Degree Completions 2013 517 2023 905 Up 75%

Rebecca Lloyd rebecca.lloyd@cushwake.com Research Contributors

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

CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2024 FEBRUARY