March 2025 Life Sciences Update

Vancouver

MARKETS CONTENTS

Market Summary

Public & Private Funding (2024)

Fast Lab Stats

• British Columbia is home to more than 300 life sciences companies, including biopharmaceutical and medical device companies. Vancouver’s life sciences industry is underpinned by a highly skilled workforce, prime location and high quality of life. • The new St. Paul’s Hospital development in the core market of Mt. Pleasant spurred significant interest in the surrounding neighborhood from some of the most notable life sciences companies in the country, including AbCellera, Zymeworks, Aurina Pharmaceutica, Aspect Biosystemsl and STEMCELL Technologies. • The Vancouver life sciences industry is further strengthened by government incentives and infrastructure inclusive of grants and tax incentives, along with the BC Cancer Agency, BC Centre for Excellence in HIV/AIDS, AdMare, TRIUMF Vancouver Coastal Research Institute, Michael Smith Laboratories, Genome BC and the BC Knowledge Development Fund. • The National Biomanufacturing Training Centre (NBTC) completed construction on its biomanufacturing training center aimed at expanding the province’s capacity for clinical trials and keeping more companies and their intellectual property local. • A nearly $200-million partnership between Aspect Biosystems and the governments of British Columbia and Canada will create more than 200 jobs and drive the development of cutting-edge bio-printed tissue therapeutics for patients in British Columbia and around the globe.

Company

Deal Type

Completed

VC Round

$ Raised (MM)

14.3K Total Life Sciences Employment 105.3% Life Sciences Employment 10-Year Growth Rate

Borealis Biosciences

Early Stage VC

Dec 2024

1st Round

$180.0

Aspect Biosystems

Grant

Jul 2024

$72.8

Notch Therapeutics

Early Stage VC

Jun 2024

3rd Round

$15.5

Catalera

Early Stage VC

Jun 2024

1st Round

$8.0

Augurex

Accelerator/Incubator

Mar 2024

$5.0

Sonic Incytes

Later Stage VC

Mar 2024

4th Round

$3.8

ARC Medical

Later Stage VC

Nov 2024

4th Round

$3.0

Arbutus Medical

Later Stage VC

Jan 2024

6th Round

$2.4

HTuO Biosciences

Early Stage VC

May 2024

3rd Round

$0.9

Naegis

Angel (individual)

Apr 2024

Angel

$0.4

Representative Lease Transactions (2024)

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings

Company

Address

Size (SF) New/Renewal

Type

Quarter Landlord

Company

Type

160

Aspect Biosystems

2131 Manitoba

48,026 New

Sublease

Q3 Third Space

Stemcell Technologies

HQ, Lab

140

Powertech Labs Inc

7688 132nd Street

30,153 New

Headlease

Q3

AbCellera

HQ, Lab

120

Admare BioInnovations 110 East 5th Avenue

29,800 New

Headlease

Q2 Westbank

Zymeworks

HQ

100

Skybox Labs Inc

2025 Willingdon Avenue

21,941 Renewal

Headlease

Q1

BentallGreenOak

Xenon Pharmaceuticals Inc

HQ

80

Medipure Pharmaceuticals Inc

HQ, Lab

60

Symvivo Inc

HQ

40

Chinook Therapeutics

HQ

20

HQ

Anandia Laboratories Inc

-

Amgen

Research Facility

2020 2021

2022 2023 2024

Masimo Corp (2024 Occupancy)

Research Facility, Lab

Top NIH-Funded Institutions (2020-2024 1H)

Bio Degree-Awarding Institutions, Metro Area British Columbia Institute of Technology Langara College (Health Science Program) Simon Fraser University University of British Columbia (School of Biomedical Engineering, Biological Sciences Centre) University of Victoria Camosum College

Annual Life Sciences Degree Completions 2011 1,311

$19M University of British Columbia

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• •

2021 1,740 Up 33%

$6M Provincial Health Services Authority

• •

Svetlana Lebedeva svetlana.lebedeva@ca.cushwake.com Research Contributors

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

Cushman & Wakefield

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