What's New - Biotech
BAYER MOVES TO MISSION BAY
On May 17, 2010, Mayor Gavin Newsom announced that Bayer HealthCare had selected Mission Bay as the location for its U.S. Innovation Center. Bayer’s U.S. Innovation Center features a U.S. Science Hub — a dedicated team of scientists that will tap into the wealth of breakthrough thinking from the educational institutions and small start ups located in Mission Bay to build partnerships and collaborations ranging from the research bench to the clinic. Bayer research scientists working in targeted areas such as cardiology, oncology, women’s healthcare and diagnostic imaging, will rotate through the U.S. Science Hub to collaborate with the critical mass of innovative thinking that is clustered in the Bay Area and broader U.S. life sciences sector. Bayer’s U.S. Innovation Center will occupy approximately 49,000 square feet and be located at 455 Mission Bay Boulevard South. The addition of Bayer brings the total number of life sciences companies in San Francisco to more than 56.
SF EXTENDS BIOTECH PAYROLL TAX EXCLUSION
In May, the San Francisco Board of Supervisors approved legislation to extend the Biotech Payroll Tax Exclusion. The extension allows qualified biotech companies to be exempt from payroll taxes for a full 7 1/2 years so long as the company applies for the credit before 2014. The extension follows a Controller's Office report which underscored the success of the exclusion in supporting the growth of the biotech industry in the City. The report found that San Francisco has seen a 5 fold increase in the regional share of occupied life sciences space - up from 1.3% in 2000 to 6.1% in 2009. OEWD will to continue to market and reach out to the biotech industry on taking advantage of this incentive.
Learn more about our Biotech Industry Initiative here