Dive Brief:
- Biotech manufacturer National Resilience sold its Marlborough, Massachusetts facility to real estate investor Oxford Properties Group last month.
- This is the third facility National Resilience has sold to the Canada-based real estate group, as the biomanufacturer seeks to raise more capital.
- As part of the deal, Oxford will lease the facility back to National Resilience for up to 30 years, granting it full use of the facility for its daily operations, according to the release.
Dive Insight:
Oxford has purchased and leased back two other sites from National Resilience over the past two years in North Carolina and Canada, National Resilience CEO and co-founder Rahul Singhvi said in an email.
The sales are part of a financing strategy that allows the biomanufacturer to retain control of its operations, the CEO noted.
The move comes as National Resilience is shifting other aspects of its operations. The company announced layoffs for the majority of workers at its Allston, Massachusetts facility last month, due to the ending of a contract with France-based pharmaceutical company Sanofi.
At the same time, the biomanufacturer is expanding elsewhere. In February, National Resilience signed a 10-year agreement with an undisclosed “leading pharmaceutical company,” and will manufacture the first products under the agreement at its new facility in Cincinnati, Ohio.
As for Oxford, the real estate firm said the deal with National Resilience is an example of its push ito the life sciences market.
“We continue to develop a robust expertise on the real estate needs of biomanufacturing and our footprint in this space is a key pillar of our investment strategy to build a global life sciences business of scale," Chad Remis, executive VP for Oxford’s North America, said in a statement.
