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A massive deal for a biomanufacturing facility in the New York City exurb of Hopewell, New Jersey, underscores the continued growth in this sector of the industry, buoyed by a push to restore domestic manufacturing and strengthen supply chains post-pandemic.
Lincoln Equities Group sold a 42-acre portion of its Princeton Innovation Campus to BeiGene, a Chinese global biotech firm focused on commercializing cancer treatments.
BeiGene, headquartered in Beijing, plans to invest several hundred million dollars to upgrade the site, which will include 400K SF of pharmaceutical manufacturing along with clinical research facilities, to diversify its global supply chain. It is expected to finish renovations in 2024.
Lincoln Equities purchased the nine-building, 1.2M SF campus from Bristol Myers Squibb last year with partner H.I.G. Realty Partners.
“Post pandemic, life sciences companies are increasingly seeking locations near their customer base in the U.S., and we are thrilled that BeiGene has chosen our Princeton West Innovation Campus for its important work,” Lincoln Equities Group Managing Director Lance Bergstein said in a statement.
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