Biotech vacancies are up, but rents haven't come down

In an effort to save cash, fewer biotech companies are seeking out lab and office space. But although there are more vacancies, rental rates haven't much declined. Landlords want to recoup some of their investments into these expensive, specialized spaces for science. "This is national. This is Boston. This is San Francisco. This is San Diego," one life sciences real estate adviser said. "We're out of whack."

The decrease in demand isn't expected to last too long, because the sector still has plenty of cash that isn't being used — priming the field for another burst of growth. "There's capital," another life sciences real estate expert said. "It's going to sit on the sidelines a little bit right now because the atmosphere is a little conservative. But it can't sit there forever, and it wants to go to work."

human costs

AbbVie accused of human rights violations in lawsuit

Is excessive drug pricing a human rights violation? That's what a new lawsuit targeting AbbVie is claiming. The Netherlands-based Pharmaceutical Accountability Foundation says that AbbVie's approach to boosting Humira sales and cornering the market has cost the Dutch health care system dearly.

It says AbbVie overcharged the Dutch health system up to $1.2 billion by "abusing" its position. For context, AbbVie sold about $2.3 billion in the Netherlands between 2004 and 2018.

"By making excessive profits — amounting to $68 per Dutch citizen — AbbVie has displaced other health care, and thus damaged the health of Dutch citizens," the public interest group said in a statement.

crispr babies

Hong Kong visa for He Jiankui rescinded

Hong Kong has revoked a visa for He Jiankui, the Chinese scientist known for creating genetically edited babies in 2018 — and setting the bioethics world afire. Last week, nearly a year after his release from prison, He announced that he'd been granted a visa to the Asian financial hub and had been communicating with universities, research institutes, and companies there. He said he was hoping to research gene therapy for rare inherited diseases.

"My scientific research will comply with the ethics codes and international consensus on scientific research," he said.

But the Hong Kong government noted that the immigration department "suspected that someone had made false statements to get the visa approval" and invalidated the document. A criminal investigation is expected to follow.

venture funding

Biotech targeting clotting and bleeding raises $135 million

Hemab Therapeutics, a Cambridge-based biotech developing therapies for bleeding disorders, has raised $135 million in an oversubscribed Series B round. The money will fund testing of its first two antibody drugs in the clinic. Although there are a number of medicines in development for diseases like hemophilia, CEO Benny Sorenson said he hopes Hemab will become "the ultimate company" in treatments for all bleeding and clotting disorders.

Hemab raised a $55 million Series A round two years back. But this new round is particularly notable, as the industry has since tightened up. According to John Maraganore, who once led Alnylam and now chairs Hemab's board, private investors were willing to dole out more than $200 million to the company. But Hemab apparently wanted less, saying the decided upon amount would carry the company through 2025.

"It's just remarkable to see that happen in this environment, and I think it reflects the recognition that Hemab's science and team can really be disruptive," he said.

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