Anti-cancer biotech firm acquires 120 acres of land in Vacaville
(Photo courtesy Todd Quam via City of Vacaville)
A Massachusetts-based biotechnology company has agreed to purchase 120 acres of land in Vacaville.
The firm, Agenus Incorporated, purchased the land from a housing developer as part of a broader initiative within the city started last year to lure and retain biotech firms.
The land was sold by housing developer A.G. Spanos for around $18 million, according to the Sacramento Business Journal.
Agenus is a publicly-traded health company that specializes in the development of anti-cancer drugs. It was the only biotech company to put in a bid for the site, though the developer told the Business Journal that companies from other industries also expressed an interest in the site.
Last October, the City of Vacaville launched an initiative to attract biotech firms after two major companies — Novartis and Johnson & Johnson — closed their facilities within the city.
City officials say their biotech retention initiative should attract more than $2 billion in development across 3.5 million square feet of real estate and attract more than 10,000 jobs with a combined annual payroll of $1 billion.
Investment firms say companies like biotech firms have traditionally pushed for expansion in major city hubs like Boston and San Francisco, but the high cost of real estate and housing in those areas have convinced such firms to strategize around a future that harnesses cheaper land in the suburbs.
That move could ultimately push the cost of living higher in those cities. In Vacaville, the average monthly rent for an apartment has doubled over the last decade, while the average listing price for a single-family home has nearly tripled.
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