March 2025 Life Sciences Update

Salt Lake City

MARKETS CONTENTS

Market Summary

Public & Private Funding (2024)

Fast Lab Stats

• The strengths of Utah’s blossoming life sciences industry are in the medical devices, diagnostics, pharmaceutical and biotechnology industry subsectors, with ample investment pouring into the state. In July 2024, the Economic Development Corporation of Utah (EDCUtah) announced that Edwards Lifesciences will bring 560 new, high-paying jobs and invest nearly $34.8 million over the next 15 years. • As of February 2024, Utah’s life sciences industry supported over 180,000 jobs with above average wages and contributed more than $22.6 billion to the state’s GDP per BioUtah. Utah is one of a few states that has a specialized employment concentration in three or more bioscience subsectors, including medical devices and equipment, pharmaceuticals, as well as research, testing and medical laboratories. • Of Utah's 1,438 life sciences establishments in 2023, 40.9% were in bioscience-related distribution, 32.5% in research, testing and medical laboratories, 17.3% in medical devices and diagnostics, and 9.2% in therapeutic and pharmaceuticals, according to BioUtah's "Economic Impacts of Utah's Life Sciences and Health Care Innovation Industry" report in October 2024. • For the last decade, job growth in Utah’s life sciences industry outpaced other states. Life sciences average annual job growth equaled 5.1%, exceeding other Utah industries (3.4%) and life sciences in other states (3.5%). • Utah Department of Workforce Services occupational predictions estimate that Utah’s life sciences-related jobs will grow 30.5% in the next 10 years — roughly 2.7% annually. Employment across all industries in Utah is projected to grow at an annual rate of 2.1% over the next decade. With these projections, the state 's life sciences industry is expected to outpace overall job growth in the coming years.

Company

Deal Type

Completed

VC Round

$ Raised (MM)

4.2 MSF Total Inventory 0 SF Under Construction 1.1 MSF Proposed 11.8K Total Life Sciences Employment 84.8% Life Sciences Employment 10-Year Growth Rate

Halia Therapeutics

Later Stage VC

Jan 2024

4th Round

$30.0

MARABio

Later Stage VC

Oct 2024

2nd Round

$19.1

EVOQ Nano

Angel (individual)

Mar 2024

Angel

$10.0

Paterna BioSciences

Seed Round

Oct 2024

2nd Round

$6.0

Seek Labs

Later Stage VC

Dec 2024

4th Round

$2.7

Paterna BioSciences

Seed Round

Mar 2024

1st Round

$2.0

Sethera Therapeutics

Early Stage VC

Oct 2024

1st Round

$2.0

Fluidx Medical Technology

Later Stage VC

May 2024

3rd Round

$1.3

Thunder Biotech

Later Stage VC

Feb 2024

6th Round

$1.1

Light Line Medical

Later Stage VC

Apr 2024

5th Round

$1.0

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings

Representative Lease Transactions (2024)

Company

Type

Company

Address

Size (SF) New/Renewal

Type

Quarter Landlord

100 150 200 250 300 350 400 450

ARUP Laboratories

Direct Expansion

HQ

Myriad Genetics

322 N. 2200 W.

62,737 New

Q2 Global Atlantic Financial Group

Myriad Genetics

HQ

Undisclosed

630 Komas Dr.

24,398 New

Direct

Q3 Woodbury Corporation

Teva Pharmaceuticals

Regional Office

Echelon Biosciences

1865-1895 W. 2100 S.

bioMerieux

Regional Office

19,865 New

Direct

Q4 Schoolhouse Development

Thermo Fisher Scientific

Regional Office

Undisclosed

650 Komas Dr.

4,884 New

Direct

Q2 Woodbury Corporation

Stryker

Regional Office

- 50

HQ

BioFire Defense

2020 2021

2022 2023 2024

Carterra

HQ

Nelson Labs

HQ

Hires Unique Postings

Bipharm Laboratories

HQ

Top NIH-Funded Institutions (2020-2024)

Bio Degree-Awarding Institutions, Metro Area

Annual Life Sciences Degree Completions 2013 517

$1.2B University of Utah $8M Epitel, Inc. $6M Glycomira, LLC

University of Utah

• • • • • • •

Brigham Young University Utah State University Utah Valley University Southern Utah University Weber State University

2023 906 Up 75%

Utah Tech University

Rebecca Lloyd rebecca.lloyd@cushwake.com Research Contributors

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

Cushman & Wakefield

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