Life Sciences on the Rise: 2021 North American Report

MARKET SUMMARY • Life sciences companies are increasingly taking note of Chicago’s world-class research universities, talent pipeline, robust network of existing companies and its competitive cost of doing business compared to other major life sciences markets. • Chicago’s life sciences ecosystem has seen unprecedented growth, with substantial capital infusion into the market and a rapidly expanding development pipeline to support a robust incubator market. • Among major U.S. life sciences markets, Chicago experienced the largest percentage increase in life sciences venture capital placements from 2016-2020, increasing 706% and reaching $553M in 2020. • Chicago is home to market-leading global pharmaceutical companies including Abbott Laboratories, AbbVie, Baxter, and Pfizer and two national labs in Argonne and Fermilab. The market has historically lacked significant lab infrastructure, with that changing in recent years. • The current market is primarily suburban and lacks a centralized cluster, but there are promising signs a cluster is forming downtown, with developers racing to add lab space to Fulton Market, Lincoln Park, Lincoln Yards and the South Loop.

FAST LAB STATS 3.0 MSF MARKET SQUARE FOOTAGE

$33.26 $ PER SF NNN 14.1% VACANCY 18.3K TOTAL LIFE SCIENCES EMPLOYMENT & TALENT POOL +26% LIFE SCIENCES EMPLOYMENT GROWTH RATE SINCE 2001

Chicago

REPRESENTATIVE LIFE SCIENCES COMPANIES

LIFE SCIENCES TALENT POOL

16,000

15,129

15,000

COMPANY

TYPE

14,000

13,000

AbbVie

U.S. HQ

12,000

Abbott Laboratories

HQ

11,000

10,000

Average Annual Growth Rate 2001-2020: 1.7%

Baxter International

HQ

Number of Persons Number of Persons

9,000

Fresenius Kabi

North American HQ

8,000

2011

Akorn Pharmaceuticals HQ

2017

2012

2021

2015

2013

2018

2016

2019

2014

2001

2010

2007

2002

2020

2005

2003

2008

2006

2009

2004

Chicago-Naperville-Elgin, IL-IN-WI

Talent pool includes life science professionals not currently employed in the life science sector Source: EMSI

Astellas Pharma

U.S. HQ

Sagent Pharmaceuticals HQ

BIO DEGREE-AWARDING INSTITUTIONS, METRO AREA • Rosalind Franklin University of Medicine & Science • Rush University • Northwestern University • University of Chicago • University of Illinois (Chicago)

Pfizer

Regional Office

Lundbeck

U.S. HQ

Assertio Therapeutics HQ

TOP NIH-FUNDED INSTITUTIONS (2016-2020)

NORTHWESTERN UNIVERSITY AT CHICAGO $1.5B

UNIVERSITY OF CHICAGO $985M

UNIVERSITY OF ILLINOIS AT CHICAGO $643M

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