Pharmaceutical company creates the problem then offers the solution.
The oncology division of pharmaceutical giant Pfizer has leased a huge property in San Diego as part of its efforts to redefine itself as a cancer-drug powerhouse.
This comes amid a noticeable increase in the number of people receiving cancer treatment in recent years, particularly after the global rollout of Wuhan coronavirus (COVID-19) vaccines.
Bloomberg News reported that Pfizer agreed to a 15-year lease for 230,000 square feet at the Torrey View life sciences complex in Silicon Beach, citing a statement by developer Breakthrough Properties. The drug manufacturer will occupy two research and development buildings at the 10-acre campus, which is nearing completion.
According to the statement, the property offers “high-quality lab infrastructure” along with a 400-person conference facility, ocean views and campus amenities such as a fitness center and pickleball court.
“Torrey View is an ideal campus for innovation,” Breakthrough Properties CEO Dan Belldegrun said in the March 15 statement. “Breakthrough is proud to support the Pfizer Oncology team as they continue to discover and develop next-generation therapies.”
The statement didn’t disclose the financial terms of the lease. But based on data from CBRE Group Inc. on average asking rents in the area, the total for the 15-year deal would be about $290 million.
According to CBRE, the Pfizer lease is more than double the size of any life-science deal in the San Diego area in 2023. That year, the largest single tenant was medical test kit maker Acon taking 97,162 square feet of real estate space.
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The company added that San Diego is one of the largest centers for life-science research after Boston and the San Francisco Bay Area. However, demand for offices slowed down in 2023 as venture capital funding decreased.
Pfizer’s pivot away from Wuhan coronavirus (COVID-19) products and into cancer drugs comes at a crucial time. The New York-based drug firm has been trying to shore up investor sentiment after its shares fell more than 40 percent in 2023. This translated to an erasure of more than $100 billion in Pfizer’s market value.
Pfizer shifts to oncology drugs after COVID-19
According to CNBC, Pfizer is betting on cancer drugs to help it regain its footing after a rocky year marked by the rapid decline of its COVID-19 business. Its acquisition of cancer drug manufacturer Seagen for $43 billion proves that it is ready to move on from COVID-19. With the Seagen product line incorporated into Pfizer, the latter is ready to produce at least eight cancer drugs by 2030 and 60 different experimental drugs on the pipeline.
However, some analysts have noted that it might take a few years for some of Pfizer’s cancer drugs in mid-stage development to show pivotal clinical trial data and become less risky. But it’s not just drugs in the works; Pfizer’s existing oncology portfolio is also facing some competitive pressure.
Revenue from the blockbuster breast cancer drug Ibrance and prostate cancer treatment Xtandi, which Pfizer shares with Astellas Pharma, has declined over the past year. Both drugs are expected to lose market exclusivity in 2027.
Aside from this, Pfizer disappointed Wall Street last year with the underwhelming launch of a new RSV shot, a twice-daily weight loss pill that fell short in clinical trials and a 2024 forecast that missed expectations. The company has launched a $4 billion cost-cutting program, laying off hundreds of employees and shaving down its research and development spending.
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