March 2025 Life Sciences Update

Indianapolis

MARKETS CONTENTS

Market Summary

Public & Private Funding (2024)

Fast Lab Stats

• Overall VC funding for the state of Indiana surpassed $1.05 billion in 2024. • Eli Lilly announced plans to invest $4.5 billion to establish the Lilly Medicine Foundry in Lebanon, Indiana. This advanced manufacturing and drug development center aims to increase clinical trial drug production by 400% and is expected to create 400 full-time jobs upon its opening in late 2027. • In December 2024, Indiana University (IU) received a transformative $138 million grant from Lilly Endowment Inc. to establish the IU Launch Accelerator for Biosciences, known as IU LAB, within the 16 Tech Innovation District in Indianapolis. This initiative aims to position Indiana as a national leader in bioscience discovery, commercialization and talent development. • Purdue University unveiled plans for a new Academic Success Building in Indianapolis, which will serve as a centerpiece for its urban expansion. This 248,000-sf facility will provide classrooms, laboratories and community space aimed at fostering academic success and experiential learning opportunities for students. • In December 2024, Ivy Tech Community College, supported by Eli Lilly, opened the Ivy Tech Manufacturing Innovation Training Center within the 16 Tech Innovation District. This 4,700-sf facility serves as a biopharmaceutical training center, preparing students for careers in smart manufacturing and contributing to the development of a skilled workforce in Indiana's life sciences and advanced manufacturing sectors.

Company

Deal Type

Completed

VC Round

$ Raised (MM)

12.6 MSF Total Inventory 1.3 MSF Under Construction 1.9 MSF Proposed 17.5K Total Life Sciences Employment 26.3% Life Sciences Employment 10-Year Growth Rate

MBX Biosciences (NAS: MBX)

IPO

Sep 2024

$187.7

MBX Biosciences (NAS: MBX)

Later Stage VC

Aug 2024

5th Round

$63.5

INCOG BioPharma Services

Early Stage VC

May 2024

3rd Round

$42.9

Adipo Therapeutics

Later Stage VC

Dec 2024

5th Round

$4.7

Monument Biosciences

Seed Round

Jan 2024

2nd Round

$1.8

Grannus Therapeutics

Grant

Sep 2024

$1.0

GeniPhys

Grant

Oct 2024

$0.5

Kovina Therapeutics

Seed Round

May 2024

3rd Round

$0.3

Atelerix Life Sciences

Early Stage VC

Aug 2024

2nd Round

$0.02

BioReact

Accelerator/Incubator

Apr 2024

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings

Representative Investment Sale Transactions (2024)

Company

Type

Address

Type

$ MM RBA SF Date

Buyer

600

Eli Lilly

HQ

500

Roche Diagnostics

North America HQ

400

Corteva Agriscience

HQ

Representative Lease Transactions (2024)

300

Beckman Coulter

HQ

Company

Address

Size (SF) New/Renewal

Type

Quarter Landlord

Development Manufacturing Facility

Catalent

200

Industri al Industri al

4Ward Medical

5801 W 82nd Street

32,000 New

Q4 Prologis

Cook Group

HQ

100

Simtra BioPharma Solutions Manufacturing

MXR Imaging

9880-9896 E 121st Street

27,492 Renewal

Q4 EQT AB

-

Evonik

R&D, Production

2020 2021

2022

2023

2024

Birtz Land, LLC

Elanco

HQ

Sonicu

5724 Birtz Road

19,096 New- Sublease Office

Q4

Hires Unique Postings

Ossium Health

R&D, Production

Align Technologies

8910 Purdue Road

6,800 New

Office

Q4 CapRocq

Castle Creek Holdings

Top NIH-Funded Institutions (2020-2024)

Device IQ

8720 Castle Creek Parkway

4,268 Renewal

Office

Q4

Bio Degree-Awarding Institutions, Metro Area

Annual Life Sciences Degree Completions 2013 893

$952M Indiana University-Purdue University at Indianapolis $321M Purdue University

Indiana University Indianapolis Purdue University at Indianapolis

•

•

2023 1,009 Up 13%

Purdue University Lafayette

• •

Indiana University Bloomington

University of Indianapolis

• • • •

Marian University Butler University Ivy Tech Community College

$73M Indiana University Bloomington

Maggie Tillotson maggie.tillotson@cushwake.com Research Contributors

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

Franklin College

•

Cushman & Wakefield

77