Life Sciences Update | 2022 October

Toronto

Market Summary

Public & Private Funding (2022)

Fast Lab Stats

• Toronto is the epicenter of the Ontario Life Sciences Corridor, anchored by the downtown MaRS Discovery District, the life sciences cluster in Mississauga and McMaster Innovation Park in Hamilton. • Four of Canada’s top-ten research universities are in Ontario: the University of Toronto, McMaster University, the University of Ottawa and the University of Western Ontario. • Canada’s open immigration policies and world-class research education institutions deliver a steady flow of talent. Ontario produces nearly 50,000 STEM graduates annually, making it among the top five centers for STEM grads in North America. • Life sciences growth is being driven by many factors, including demographics. Further, the pandemic shone a light on Canada’s limited capacity to manufacture vaccines, despite its world-renowned R&D capabilities. In response, all levels of government stepped in with considerable funding commitments. • Although demand has intensified in recent years, the most significant challenge impacting the sector in Toronto is the dire lack of supply of physical lab space. Options for private companies to grow or scale up are severely limited, as, historically, lab space has been predominantly located within the hospital and academic ecosystems. The only third-party option in the downtown core is the MaRS facility, which has virtually no vacancy. • In response to growing demand, two new urban projects close to existing hubs are planned. Phase two of the UofT Schwartz Reisman Innovation Campus will include a 20-story tower, with up to 400,000 sf dedicated to life sciences - wet laboratory space. A second project planned for the downtown core is Exploration Labs, comprised of a four-story, 187,000-sf high-performance research addition to top an existing building. Meanwhile, the suburban McMaster Innovation Park is considering a 2.8-msf expansion to support additional lab and biomanufacturing facilities.

Company

Deal Type

Completed

Type

$ Raised (MM)

23.1K Total Life Sciences Employment 1.1% Life Sciences Employment 10-Year Growth Rate

BenchSci

Later Stage VC

Jan 2022

VC

$50.0

Index Biosystems

Seed Round

Feb 2022

VC

$0.8

Ripple Therapeutics

Grant

Apr 2022

VC

$0.5

Micromensio

Accelerator/Incubator

Feb 2022

VC

$0.2

Shiphrah Biomedical

Accelerator/Incubator

Feb 2022

VC

$0.2

Representative Lease Transactions (2022)

Company

Address

Size (SF) New/Renewal

Type

Quarter

Landlord

BioScript Pharmacy Solutions

Melrose Investments Inc. QuadReal Property Group Limited

3278 South Service Rd W 20,051 New

Industrial

Q2

Amgen Canada Inc

6775 Financial Dr

25,130 Renewal

Office

Q2

Fana Group of Companies

Syneos Health

895 Don Mills Rd

11,351 New

Office

Q1

Taiho Pharma Canada Inc.

Fengate Real Asset Investments

2010 Winston Park Dr

4,833 Renewal

Office

Q1

Cipher Pharmaceuticals Inc

Life Sciences Labor: Average Monthly Job Postings

Representative Life Sciences Companies

5750 Explorer Dr

4,100 New

Office

Q1 TD Asset Management

Company

Type

Biotronik Canada Inc 240 Chrislea Rd

3,824 New

Office

Q1 Rossleen Holdings Ltd

1,000 1,200 1,400 1,600

Pfizer Canada

Canada Regional Office

Ventripoint Diagnostics Ltd

18 Hook Ave

3,541 New

Office

Q1 Tram Developments

Merck

Regional Office

Concert Real Estate Corp. Millennium Investment Corporation

Novartis

Regional Office

Biolab Pharma Ltd 1790 Matheson Blvd E

2,973 New

Office

Q1

0 200 400 600 800

GlaxoSmithKline

Canadian HQ/Research

Stago Canada Ltd

6790 Century Ave

2,155 Renewal

Office

Q2

Abbott Multiple Locations

Multiple Locations - Canadian

Bayer Inc

Regional Office

Amgen Canada Inc

Regional Office (R&D in BC)

2018

2019

2020 2021

2022

Eli Lilly Canada Inc

Canada Inc Canadian HQ

Baxter

Canadian HQ/Other

McMaster University Queen’s University Lawrence College University of Toronto University of Waterloo University of Windsor Western University Bio Degree-Awarding Institutions, Metro Area

Annual Life Sciences Degree Completions

United Therapeutics

Other - cGMP

• • • • • • • •

2010 2,380

Top NIH-Funded Institutions (2018-2022)

2019 3,211 Up 35%

$21M Centre For Addiction and Mental Health

$16M University Health Network

$14M University of Toronto

Research Contributor

York University

Juana Ross juana.ross@cushwake.com

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

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LIFE SCIENCES UPDATE | 2022 OCTOBER