Looking at the bigger picture, and at its Innovation unit which has now notched more 300 of these types of deals since its creation and the now 7 JLABS incubators for early life science companies, Janssen says it believes it collab strategy works.
A cornerstone of Cuomo’s plan is a $650 million initiative to develop the life sciences industry across the state, with a $17 million capital investment for the development of a new life sciences hub in New York City, dubbed JLABS @ NYC. The 30,000 square-foot incubator is a collaboration between Johnson & Johnson and the New York Genome Center and will host up to 30 life science startups within the facility.
The state will provide $17 million in capital funding to launch JLABS @ NYC, which Cuomo’s office describes as a “collaboration” between Johnson & Johnson Innovation and the New York Genome Center to build a 30,000-square-foot incubator with capacity for up to 30 life-science startups.
J&J, fueled by $17M in state cash, starts work on 30-startup JLABS incubator to address NYC lab shortage
New York has long looked at biotech hubs such as Boston and the Bay Area and questioned why, when it has such riches in terms of academic institutes and NIH funding, it has failed to build a startup scene of note. A lack of affordable lab space in a city where land is at a premium typically features high on the list of reasons. That is why New York Governor Andrew Cuomo has allocated $17 million to bring J&J and its fast-growing JLABS initiative to the city.
The 30,000-square foot facility — a collaborative effort by Johnson & Johnson Innovation, New York State and New York Genome Center — will have capacity for up to 30 life science startups focused on biotech, pharmaceutical, medical devices and consumer health.
JLABS, in addition to offering emerging life science companies modular lab units, office space, shared core laboratory equipment and business facilities, will link the entrepreneurs of New York with the full breadth of Johnson & Johnson Innovation, including opportunities for funding, third-party services, educational events and R&D experts from medical technology, consumer healthcare product and Janssen pharmaceutical teams.
Johnson & Johnson is embarking on a new project. New York Gov. Andrew Cuomo has confirmed that J&J will receive funding worth $17 million from the state to open a 30,000-square-foot biotech JLABS incubator. The project, which is due to open in the New York Genome Center in 2018 will come in handy for startups who are currently facing space challenges.
The 30,000-square-foot facility opens in 2018 and will be in SoHo, two short blocks from the Holland Tunnel.
Johnson & Johnson Innovation, the strategic venture arm of Johnson & Johnson that develops innovation centers, is opening its first JLAB in New York City, the governor announced in his State of the State address on Monday.
Johnson & Johnson's sponsorship also includes a medical-device start-up competition called the Quickfire Challenge in which the winner will get lab space in M2D2 for free for one year, with access to Johnson & Johnson mentoring. The winner will be announced in May, when the JLABS is officially launched.
Baltimore-based Glyscend Inc. was awarded one of three $500,000 research grants from Johnson & Johnson Innovation LLC and its research arm Janssen as part of the health care giant's World Without Disease QuickFire Challenge.
The three winners were chosen from a pool of 470 global applicants, spread throughout 40 countries. Along with the funding boost, the successful programs will gain access to JLABS incubator space in a location of their choice.
Part of Johnson & Johnson's Innovation Centers, JLABS is celebrating its fifth anniversary in January. The program started with some extra space at the J&J Innovation facility in San Diego that the company rented out to a smaller biotech, but has now expanded to six locations across North America and includes more than 140 companies.
JLABS is probably the best-known incubator in the biopharma industry. Since its inception in 2012, JLABS has expanded to six locations across North America and currently hosts 144 companies. Melinda Richter, head of JLABS, has been at the center of that growth.
Corporate players are collaborating with startups and partnering with academic institutions. At JLABS in Toronto, the startups are moving in.