NewHavenBIZ

n e w h a v e n b i z . c o m | N o v e m b e r 2 0 2 2 | n e w h a v e n B I Z 19 increasingly on the market as some companies pare back on their workforces: Biogen put more than 263,000 square feet of office space in two buildings in Cambridge and Weston on the sublease market in August aer downsizing due to the commercial flop of its Alzhemer's drug Aduhelm. To live near that Boston biotech hub, expect to pay an average of $740,360 for a home in Waltham, or $816,277 for a home in Natick, according to Zillow. Expect to pay a median of $900,000 to live inside the city limits as of July, according to the Boston Globe. Rare disease focus Of course Cure Rare Disease may be an outlier in its decision to leave the home of bad drivers, worse pizza and a so-so baseball team. As a company in the rare disease space, it may be seeking to be bought by or draw support and staff from Alexion AstraZeneca Rare Disease, a major player in the sector that is expanding in New Haven. New Haven and Connecticut as a whole may want to be known as a hub for biotechs that target rare diseases as companies in the space draw increasing interest from investors. Research and licensing deals involving rare disease biotechs accelerated rapidly in the decade from 2011 to 2021, according to DealForma, a biopharma news site. "is acceleration has been supported by the clinical and commercial success of therapies for rare diseases, as well as the increasing opportunities to directly target the root cause of rare genetic diseases with novel platforms," according to DealForma. And that was before AstraZeneca finalized its deal to buy New Haven-born Alexion for $39 billion, seeking to enhance its profile in immunology and precision medicines in treating rare diseases. Yes, some Alexion executives moved to Boston to join AstraZeneca colleagues at the company's headquarters, but many researchers remained. In April, the combined company announced plans to expand in New Haven by leasing space at the new bioscience tower currently nearing completion at 101 College St. About 550 employees work in New Haven at Alexion AstraZeneca's research facility at 100 College St., with lab floor space expected to double by the end of 2023 and dozens of more workers in the hiring pipeline. Sharon Barr, Alexion's senior vice president, head of research and product development, told New Haven Biz in July, "AstraZeneca has made a purposeful investment in our research center of excellence here in New Haven." Cure Rare Disease was drawn to the New Haven area on the city's merits, said Tim Miller, director of biotech business development for AdvanceCT, the state's business recruitment arm. "ey really made that decision on their own," Miller said. "ere wasn't really a heavy li from AdvanceCT or from any state organizations, and I think that speaks to the quality of the ecosystem overall." Connecticut's size and easy access to top state officials is attractive for many companies, Miller said. e active role played by Yale and other state universities in startup formation is also a draw. "I think it's easier for us to get things done and be more flexible here," Miller said. "We can talk about cost of living, cost of lab space, quality of life in terms of cost of housing. But I think the biggest strategic advantage of being in Connecticut is the communication that we can offer," Miller said. "If you want to talk to the governor, we can set you up to talk with the governor. If you want to talk to Josh Geballe at Yale Ventures, we can set that call up in a way that I think New York City or Boston can't really do." Within the state, firms seeking to relocate can also tap on different hubs of expertise, Miller said. Companies like Cure Rare Disease are attracted by New Haven's bioscience cluster, but companies with a manufacturing focus are drawn to the Greater Hartford area. "It's not one-size-fits-all," Miller said. "Part of our job is to do kind of the matchmaking piece and present something that makes sense for the individual company." AdvanceCT and other state boosters are now looking beyond Boston and even the U.S. for potential new biotech transplants, Miller said. "In European countries, they're familiar with Boston, New York, but they don't really know much about Connecticut," Miller said. "What we do is go out and tell the Connecticut story as much as we can. And more oen than not, that matches up with the strategy for a lot of the companies that we speak to." n Tim Miller PHOTO | CONTRIBUTED Cure Rare Disease CEO Rich Horgan (standing in the center) with his family, including his brother Terry Horgan, who had Duchenne muscular dystrophy. Terry Hogan died in October, according to the company. Would you be prepared if you received an excessive fee questionnaire for your irm's retirement plan? 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