BioLabs, a national, membership-based network of shared lab and office facilities in critical biotech innovation clusters, is opening its next hub in Dallas, Texas. Named Biotech+, the innovation center will be housed in a 37,000 square foot flexible life science facility to accommodate 35 startups.
The acceleration of life science and healthcare discoveries in North Texas will be centered at Pegasus Park, a 23-acre, six-building campus.
The redevelopment of the campus bearing the iconic logo of ExxonMobil is driven by Lyda Hill Philanthropies and J. Small Investments and includes entertainment, dining venues, as well as a gym and conference center. The facility is expected to be open by mid-December 2021.
The Dallas-Fort Worth Metroplex (DFW) is home to more than 60 companies and 27,000 biotech and life sciences jobs – a hidden gem in the industry. For instance, TechFW, a startup accelerator and incubator, saw its client ZS Pharma be acquired by AstraZeneca for $2.7 billion in 2015. In 2016, TechFW saw yet another client, Encore Vision, evolve into an acquisition by Swiss pharma giant Novartis for $465 million. All in all, Texas is an up-and-coming ecosystem for the biotech and life sciences sector.
In the past, even after finding initial success in North Texas, companies felt pressure to move to hubs like Boston or San Francisco to elevate growth. But BioLab’s chief operating officer Adam Milne says he has high hopes for the Dallas market. With new developments such as Pegasus Park, larger biotech companies are sure to be attracted to North Texas to promote future innovations and keep them there.
Moreover, a Texas-based company may be refreshing for many investors after years of seeing Massachusetts or California on the term sheet. The future for Texas and biotech is bright. In the fall of 2020, CBRE listed Dallas-Fort Worth in slot six of their top ten emerging life science clusters in the United States. From January to March 2021, companies in North Texas attracted $310 million in investments, a 376% increase from the same period in 2020.