The New York City life sciences got a boost this year when two biotechs, ImClone Systems Inc. and Eyetech Pharmaceuticals Inc., announced plans to expand operations in the city. The decisions bucked the trend that has biotechs quitting the city because of a lack of available lab space. Coincidental or not, the announcements occurred around the time that the Food & Drug Administration approved or signaled support of their newly developed drugs. In another success for the city, Pfizer Inc., the world's biggest pharmaceutical company, has also announced plans to create 1,000 new jobs at its Manhattan headquarters.
All this positive momentum gives city and industry officials hope that the life sciences-biotech sector is poised for takeoff. "We're confident that the number of New York success stories will explode in the next few years," especially since many of its biotechs are reaching stages where the FDA will decide whether to ...
