March 2025 Life Sciences Update

Montreal

MARKETS CONTENTS

Market Summary

Public & Private Funding (2024)

• Montreal is the leading Canadian life sciences research and development hub for patents and R&D expenditures, with 1,487 life sciences and health technologies (LSHT) companies and 171 research centers. Montreal has a large talent pool, courtesy of 15 university-level institutions and more than 32,000 students enrolled in life sciences and health tech-related programs. • The region’s life sciences industry is highly diversified and boasts an active investor pool. There has been $1.6 billion in private investment and $4.3 billion in VC investments in life sciences between 2018 and 2023. for R&D and talent development. This includes a reduced tax rate for the commercialization of intellectual property from 26.5% to 17.0%, a five-year tax exemption for foreign researchers and a 10-year tax exemption for projects over $100 million. • New developments will add more choices to the market. Inspire Bio Innovations, a 180,000-sf project, will provide offices, labs and an incubator. This project was named Future Office Project of the Year at the World Architecture Festival. CellCarta, a precision medical laboratory services company, will be the anchor tenant as of the first quarter of 2025, with approximately 90,000 sf. HarveyCorp, a life sciences developer, converted and expanded into 200,000 sf in the Cité de la Biotech in Laval. The project will have customized and turnkey lab spaces. The first of four buildings is slated to arrive June 2025. • There is strong government support as well as attractive tax credits and incentives

5.6 MSF Fast Lab Stats

Company

Deal Type

Completed

VC Round

$ Raised (MM)

35Pharma

Later Stage VC

Nov 2024

2nd Round

$350.0

Nomic

Later Stage VC

May 2024

4th Round

$42.0

Market Square Footage

Morphocell Technologies

Later Stage VC

Feb 2024

1st Round

$40.0

6.5%

KisoJi

Later Stage VC

Dec 2024

3rd Round

$29.3

Availability Rate

Starpax Biopharma

Equity Crowdfunding

Oct 2024

$13.8

21.7K Total Life Sciences Employment 32.3% Life Sciences Employment 10-Year Growth Rate

Find Therapeutics

Early Stage VC

Sep 2024

2nd Round

$8.5

Aplantex

Later Stage VC

Feb 2024

2nd Round

$3.3

Aplantex

Later Stage VC

Aug 2024

3rd Round

$2.0

NexPlasmaGen

Seed Round

May 2024

4th Round

$2.0

Miha Biotech

Accelerator/Incubator

Mar 2024

$0.01

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings

Representative Investment Sale Transactions (2024)

Company

Type

Address

Type

$/psf

$ MM

RBA SF

Date

Buyer

160

Bausch Health Companies

International HQ

Manufacturing

$18.8

7500 Félix-Leclerc Highway

$191

98,295 Nov,2024 AMSINO International

140

Novartis Pharma Canada

Canadian HQ

Pharmascience Inc

International HQ

120

Abbott Laboratories

Canadian HQ

100

Merck Canada Inc

Canadian HQ

80

Pfizer Canada SRI

Canadian HQ

60

Sandoz Canada Inc

Canadian HQ

40

Confab Laboratories Inc

International HQ

AbbVie

Research Facility

20

Bristol-Myers Squibb

Canadian HQ

-

Charles River Laboratories

Contract Research Org.

2020 2021

2022 2023 2024

McKesson Canada

Canadian HQ

Altasciences

Contract Research Org.

Bio Degree-Awarding Institutions, Metro Area

Annual Life Sciences Degree Completions

Top NIH-Funded Institutions (2020-2024)

McGill University

2011 1,704 2021 2,420 Up 42%

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$12M McGill University $5M University of Montreal Hospital $3M McGill University Health Ctr Res Inst

University of Montreal (UdM) University of Quebec in Montreal (UQÀM) Concordia University Polytechnic School of Montreal School of Higher Technology - University of Quebec HEC Montreal

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Research Contributors Sinan Bankaci sinan.bankaci@cushwake.com

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Sources: Cushman & Wakefield Research, CoStar, National Institutes of Health (NIH), Lightcast, Pitchbook, Montreal International, KPMG for Montreal InVivo, CBRE

Cushman & Wakefield

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