Pfizer Announces Expansion of Lease Agreement with Massachusetts Institute of Technology Subsidiary for Kendall Square Resear...
July 22 2015 - 08:30AM
Business Wire
Consolidation of Cambridge Research Centers
Creates a Single Pfizer Cambridge Campus to Help Expedite Discovery
and Development Efforts and Encourage Creative Collaboration
Pfizer announced today the expansion of its lease agreement with
a subsidiary of Massachusetts Institute of Technology, creating a
unified Pfizer campus in Kendall Square (KSQ). With this expansion,
Pfizer has leased the full 500,000 square feet at 610 Main Street
in Kendall Square. This space will continue to house the R&D
activities that relocated to 610 Main Street in 2014, and will
enable the consolidation of Pfizer’s three other leased spaces in
Cambridge into the one campus.
This most recent lease addition secures an added 130,000 square
feet of space for potential expansion in the future and will be
available for sub-tenancy in 2017. Once the three remote sites are
consolidated, 610 Main Street will house approximately 1,000 Pfizer
employees.
Pfizer’s R&D efforts in Cambridge will continue to focus on
rare diseases, cardiovascular and metabolic disease, inflammation
and immunology, neuroscience, and advanced biotherapeutic
technologies. The expanded 370,000-plus square foot KSQ research
center will help foster a strong laboratory culture, with
experimentation and collaboration in the heart of Cambridge’s
Kendall Square innovation hub, featuring state-of-the-art labs and
an open design to help foster breakthrough productivity and
innovation that will potentially advance Pfizer’s pipeline.
“We are creating an expansive research facility that will allow
for stronger collaborations in the Boston/Cambridge bioscience
community and open new doors to unique partnerships,” said Michael
Ehlers, M.D., Ph.D., head of Pfizer Cambridge. “As researchers, we
work every day to advance the science that creates new
transformative medicines for patients in need. By bringing together
some of the greatest minds in the industry in an open and flexible
environment, we believe we will be poised now more than ever to
help accelerate discovery, incubate innovation in creative ways,
and increase the pace of innovation.”
“We’re pleased to expand our agreement with Pfizer and continue
working together in a highly sophisticated campus that will be
mutually beneficial to MIT, Pfizer, other companies, researchers,
and the City of Cambridge,” said Steven Marsh, Managing Director
for Real Estate at MIT Investment Management Company. “Kendall
Square has become a highly productive area for research for
companies of all sizes and scale. We believe the more collaborative
activity we foster in the community, the more we can help advance
innovation and scientific discoveries.”
Building on its long-standing commitment to the Boston region,
Pfizer is proud to work collaboratively with leading organizations
in the area, including Harvard University, MIT, the Broad
Institute, Boston Children’s Hospital and Brigham and Women’s
Hospital.
About Pfizer Cambridge
The Pfizer Cambridge campus provides:
- More laboratory capabilities in
proximity to one another
- Unique opportunities for collaborations
between Pfizer and smaller start-ups and/or biotechs
- Ability to coalesce functions from
across Pfizer R&D currently spread across Cambridge
- Close proximity to new companies – and
a venue to consider creating potential new entities out of
Pfizer-specific programs, assets and venture capital partnerships,
positioned to enhance Pfizer’s R&D capabilities.
Pfizer Inc.: Working together for a healthier world®
At Pfizer, we apply science and our global resources to bring
therapies to people that extend and significantly improve their
lives. We strive to set the standard for quality, safety and value
in the discovery, development and manufacture of health care
products. Our global portfolio includes medicines and vaccines as
well as many of the world's best-known consumer health care
products. Every day, Pfizer colleagues work across developed and
emerging markets to advance wellness, prevention, treatments and
cures that challenge the most feared diseases of our time.
Consistent with our responsibility as one of the world's premier
innovative biopharmaceutical companies, we collaborate with health
care providers, governments and local communities to support and
expand access to reliable, affordable health care around the world.
For more than 150 years, Pfizer has worked to make a difference for
all who rely on us. To learn more, please visit us
at www.pfizer.com.
Pfizer Disclosure Notice
The information contained in this release is as of July 22,
2015. Pfizer assumes no obligation to update forward-looking
statements contained in this release as the result of new
information or future events or developments.
This release contains forward-looking information about the
expansion of the lease agreement for Pfizer’s Kendall Square
research facility and the consolidation of Pfizer’s research
facilities in Cambridge, Massachusetts, including Pfizer’s plans
and prospects for the Kendall Square research facility and its
potential benefits, that involves substantial risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements. Risks and
uncertainties include, among other things, the uncertainties
inherent in research and development; risks related to the ability
to realize the anticipated benefits of the Kendall Square research
facility, including the possibility that the expected benefits from
the Kendall Square research facility will not be realized or will
not be realized within the expected time period; other business
effects, including the effects of industry, market, economic,
political or regulatory conditions; and competitive
developments.
A further description of risks and uncertainties can be found in
Pfizer’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2014 and in its subsequent reports on Form 10-Q,
including in the sections thereof captioned “Risk Factors” and
“Forward-Looking Information and Factors That May Affect Future
Results”, as well as in its subsequent reports on Form 8-K, all of
which are filed with the SEC and available at www.sec.gov
and www.pfizer.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150722005655/en/
Pfizer Inc.Dean Mastrojohn, 212-733-6944MIT Investment
Management CompanySteven Marsh, 617-253-4304
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