March 2025 Life Sciences Update

Italy: Milan

MARKETS CONTENTS

Market Summary

Public & Private Funding (2024)

Fast Lab Stats

• The life sciences sector occupies a prominent position in Italy’s economy. The pharmaceutical sector in Italy is one of the largest in Europe, with a total turnover aligned with Germany. Additionally, Italy has the world's highest ratio of scientific publications and researchers. Compared with other peers, however, the Italian life sciences sector has not yet filled the gap in terms of R&D annual investment, despite recording a 60% increase between 2016 and 2022, and reaching 2.4 billion euros. If we consider the broader life sciences sector (extended supply chain), the Italian sector involves 1.8 million employees, for a total turnover of approximately 250 billion euros, approximately 2.5% of which is invested in R&D. • Milan is the leading life sciences research and university hub in Italy. The Lombardy region, together with northern Italy and Rome, hosts a high number of life sciences companies, accounting for 46% of life sciences companies in Italy. The Lombardy region is also home to 35% of Italian pharma companies, employing nearly 29,000 people, which represents 43% of the total workforce in Italy’s pharma sector. • From a real estate perspective, the Italian life sciences sector is nascent when compared to other international markets. It is difficult to find clear dynamics of aggregation between corporate facilities and research, education and training clusters. Existing life sciences clusters are located within tech hubs, with the ownership of those facilities usually in the hands of public entities rather than private investors. • There are signs of growing interest in the asset class, with some developments and projects, including MIND in Milan and the City of Health in nearby Sesto San Giovanni. These emerging urban districts will incorporate space dedicated to companies, as well as research institutions and education in the life sciences field.

Company

Deal Type

Completed

Company Type

€ Raised (MM)

190 K Total Life Sciences Employment (including pharma, biotech and medical device sectors) 50% of Italian Life Sciences companies are located in Lombardy Region 250 Life Sciences companies have their HQs in the Milan’s area

Genespire

Early Stage VC

Sep 2024

2nd Round

€ 46.6

WISE (Diagnostic Equipment)

Later Stage VC

Jul 2024

6th Round

€ 25.0

BetaGlue Therapeutics

Later Stage VC

Jun 2024

5th Round

€ 8.0

Newronika

Later Stage VC

Jan 2024

6th Round

€ 1.9

CareGlance

Later Stage VC

May 2024

3rd Round

€ 1.1

Cloud Pathology

Equity Crowdfunding

Feb 2024

€ 0.0

KLISBio

Later Stage VC

Nov 2024

4th Round

True Tissue on Platform

Accelerator/Incubator

May 2024

Representative Investment Sale Transactions (2023-2024)

Address

Type

Volume (€m)

GLA (sqm)

Date Buyer

Ream Sgr Fondo Cervino Comparto A JV with Lendlease

Mind (The Village)

Office/Labs

Confidential

Ca. 10,000 Q3 2022

Representative Life Sciences Companies

Life Sciences Labor: Italy - Pharmaceutical Workforce

Company

Type

72,000

70,000

Recordati

Central HQ

70,000

68,500

Bracco

Central HQ

Representative Lease Transactions (2023-2024)

68,000

67,000

66,400

Dompè

Central HQ

65,800 65,800

Company

Address

GLA (sqm) Pre-Lease/ Lease

Type

Date

Landlord

66,000

Italfarmaco

Central HQ

64,500

64,000

IMCD

Via Carlo Darwin 20

3,500 New Lease

Office

Q1 2023 n.a.

Sanofi Spa

Italian HQ

Aurora Biofarma

Via Carnia 26

2,900 New Lease

Office

Q3 2024 Aurora Biofarma (end user)

Astrazeneca

Italian HQ

62,000

MTD Group

Via B. Crespi 57

2,200 New Lease

Office

Q1 2024 n.a.

PFIZER

Italian HQ

60,000

DOC GENERICI

Via Bernina 7

1,400 New Lease

Office

Q4 2023 n.a.

2017 2018 2019 2020 2021 2022 2023

Novartis

Italian HQ

Kyowa Kyrin

Park West

1,300 Pre-Lease

Office

Q1 2024 n.a.

Boehringer Ingelheim Italian HQ

Life Sciences Sector Overview: Italian Biotech Companies

Straumann

Bodio Center

1,200 New Lease

Office

Q1 2024 n.a.

BAYER

Italian HQ

Ipsen SpA

Via Vittor Pisani 22

1,200 New Lease

Office

Q3 2024 n.a.

660 680 700 720 740 760 780 800 820 840

823

790

783

777

Bio Degree-Awarding Institutions, Metro Area

749

739

Università Statale di Milano

•

722

• IRCCS San Raffaele Hospital / University • IRCCS Galeazzi (MIND) • Istituto Neurologico Carlo Besta • Istituto Nazionale Tumori • Humanitas • Human Technopole (MIND)

Contributor Stefano Nicolini stefano.nicolini@cushwake.com

2016 2017 2018 2019 2020 2021 2022

Sources: Cushman & Wakefield Research, Pitchbook, Icribis, The European House Ambrosetti, EFPIA

Cushman & Wakefield

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