CREJ

April 2022 — Health Care & Life Sciences Quarterly — Page 19 www.crej.com NORTHWEST DOUGLAS COUNTY EDC Amy Sherman President 303-791-3500 ext. 5 asherman@nwdouglascounty.org www.nwdouglascounty.org Targeted Industries: Aerospace, Health Care, Outdoor Recreation, Professional Services, Technology SUPERIOR, TOWN OF Jill Mendoza, CEcD Economic Development Manager 303-499-3675 ext. 141 jillm@superiorcolorado.gov https://www.superiorcolorado.gov/ Targeted Industries: Entertainment, Hotel, Life sciences, Outdoor industry, Recreation, Retail, Restaurant, Taproom/tasting room, Technology LONE TREE, CITY OF Jeff Holwell Director of Economic Development and Public Affairs 303-708-1818 jeff.holwell@cityoflonetree.com http://www.cityoflonetree.com Targeted Industries: Aerospace, Financial Services, Health Care, Professional Services, Retail, and Technology METRO DENVER ECONOMIC DEVELOPMENT CORP. Raymond Gonzales CEO 303-620-8092 raymond.gonzales@metrodenver.org www.metrodenveredc.org Targeted Industries: Aerospace, aviation, bioscience, broadcasting/telecommunications, energy, financial services and information technology/software, health and wellness, food and beverage production. If your community would like to appear in the EDC Directory, please contact Lori Golightly at lgolightly@crej.com or 303-623-1148 ext. 102. COMMUNITIES OPEN FOR BUSINESS EDC DIRECTORY WESTMINSTER ECONOMIC DEVELOPMENT Stephanie Troller Business Development Manager 303-658-2318 stroller@cityofwestminster.us www.westminstereconomicdevelopment.us Targeted Industries: Aerospace, Information & Technology, Life Sciences & Healthcare, Professional & Technical Services, Experiential Retail & Entertainment, Unique Dining THORNTON, CITY OF John Cody Economic Development Director 303-538-7448 john.cody@thorntonco.gov www.businessinthornton.com Targeted Industries: WINDSOR, TOWN OF Stacy Miller Economic Development Director 970-674-2414 smiller@windsorgov.com www.windsorgov.com Targeted Industries: Manufacturing; Retail Trade; Professional, Scientific and Technical Services; Accommodation and Food Services establishes the fifth consecutive year that the Colorado life sciences community has raised over $1 bil- lion. Since 2010 in Boulder County, life sciences companies have been involved in $28.1 billion in venture capital, private equity, public equity, and merger and acquisition transac- tions. Since 2010, 45 cents on every dol- lar of life sciences venture funding in Colorado was directed toward Boulder County, which only repre- sents 5.6% of the state’s overall pop- ulation. Over the same period, Boul- der County’s life sciences venture funding was more than nine times greater than Colorado’s second- largest life sciences node, in Aurora. Boulder County life sciences ven- ture funding increased by 81% year over year to $576.5 million, which amounts to 61 cents on every life sciences venture dollar in Colorado. Also, since 2010, late-stage private equity and growth capital was only 16% less than venture capital raises, with IPOs generating $789.9 million and M&A totaling $23.2 billion. What is most important with M&A activity is the retention of the post-merger company talent in Boulder County, such as in the case of Array Bio- Pharma’s $11.4 billion sale to Pfizer in 2019, Loxo’s $8 billion sale to Eli Lilly, ArcherDX’s $1.4 billion sale to Invitae and, most recently, Dicerna’s acquisition by Novo Nordisk for $3.3 billion. An infrastructure that encourages and sustains innovation is a critical element of an economy that wants to remain at the cutting edge of high economic growth and technologi- cal leadership. Field professionals agree that the impact made by uni- versities is crucial to the growth of the life sciences industry because most of the deep and foundational research to discover new drug tar- gets and new drug candidates and to gain understanding to the under- lying biology of diseases and other medical conditions is initiated in the classrooms and labs of universities. Venture Partners at CU Boulder, the commercialization arm of the University of Colorado Boulder, sup- ports startups out of the school. Though it supports many projects in different economic sectors, life sci- ences comprise 40% of its portfolio. Venture Partners offers commer- cialization grants and intellectual property services to startups coming directly out of the university, wheth- er created by faculty, students or alumni. It also provides mentorship and education far beyond the imme- diate community. Some of the most notable successes to spin out of the university recently are Inscripta and SomaLogic. Universities, and collaborations with universities, provide access to tangible tools and can help startups avoid the steep costs of recruiting. Venture Partners has provided $2.1 billion in funding raised by startups commercializing CU Boulder tech- nology since 2018. Numerous recent and pending real estate acquisitions in Boulder, and along the U.S. 36 corridor, are being led by prominent life sciences investors seeking to capitalize on the growing tenant demand for lab and biomanufacturing space. Cur- rently, there is no existing lab space available, creating opportunity for investors to provide significant base building and tenant improvements in exchange for premium rents. There is over 1.4 million square feet of demand with just under 800,000 sf of supply existing, active- ly being converted or in planning phases for conversion. Over 39% of the life sciences supply will not be available until 2024 at the earliest. 2021 marked the first year that Boulder’s landlords started offering lab shells with life sciences tenant improvement packages. In the past, life science tenants self-funded their improvements in return for a low R&D rent. This change was precipi- tated by the acute supply/demand imbalance that offered landlords the opportunity to participate in Boul- der’s exciting life sciences industry. The growing demand for lab space is due to robust equity and debt inflows that are accelerating the launching of new companies – including those incubated at the University of Colorado – and fueling growth for existing Boulder firms. In addition, a growing number of out-of-market relocations is putting additional pressure on the already limited, and largely unavailable, existing lab stock. While the cost of building lab infrastructure in Boulder is largely the same as in Boston and San Fran- cisco, the shell cost in Boulder today is significantly lower than these other markets and largely accounts for the rent differential, which will compress over time, especially in the land constrained Boulder market. s john.jugl@nmrk.com Continued from Page 1 LIFE SCIENCES Total Boulder County Life Sciences Funding Since 2010