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Project Vitality: Pfizer Pursues Vaccine R&D Expansion

Pfizer’s expansion plan–which the company has dubbed “Project Vitality"–would allow the pharma giant to expand the site’s current workforce of…

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From the first drug ever approved by the FDA to the first COVID-19 vaccine, a lot of biopharma history has happened some 25 miles northwest of New York City, at a one-time dairy farm that for more than a century has served as a research site for Pfizer and several predecessor companies.

With future plans that include more vaccines like the ones it has co-developed with BioNTech for COVID, Pfizer is planning a $470-million expansion of its Vaccine Research and Development facilities in Pearl River, NY, that it hopes to start work on next year. Pfizer aims to build 260,000 new square feet of space, including 55,000 square feet of new labs.

Pfizer is planning a $470 million expansion of its Vaccine Research and Development facilities in Pearl River, NY, that it hopes to start work on next year. Pfizer aims to build 260,000 new square feet of space, including 55,000 square feet of new labs. [Pfizer]
Pfizer’s expansion plan—which the company has dubbed “Project Vitality”—would allow the pharma giant to expand the site’s current workforce of more than 1,200 people (another 50 positions are open), by creating lab and office capacity for up to 370 additional staffers for future growth, and thus expand vaccine R&D operations that grew dramatically during the pandemic.

The pharma giant still plans on growing those operations as it builds up its vaccine pipeline but wishes to do so more efficiently than it can within its combination of owned buildings and space it leases at an adjacent mixed-use campus it once owned.

“We’ve been on a very rapid expansion over the last several years. Our expansion happened before we could develop all the space we need,” Steve Bjornson, Pfizer’s vice president and chief operating officer, vaccine research and development, told GEN Edge.

“The space is going to allow us to catch up, accommodate many of the new staffers who are now in leased buildings and leased spaces, bringing more of them into our core campus, and also have the opportunity for us to grow over time.”

Pfizer’s main lab building would see new entrances for staffers and visitors. Pfizer wanted “a way that all our colleagues can enter the site and feel like they’re walking into a place they’re proud to work in,” Bjornson said. Other amenities for the expanded campus would include new indoor and outdoor gathering spaces, parking, a new fitness center, and a central café that would replace kiosks now scattered in several of Pfizer’s buildings.

“For the team that delivered the COVID-19 vaccine, they deserve better than that. They deserve the best,” Bjornson said. “We want to give them an amenity space that not only are they coming to work because of all the science that we do, but because it’s just an amazing place to be.”

As for the Vitality name, Bjornson explained, “it really resonated across the team as far as what we were trying to accomplish: It blended not only the energy of what we were bringing to the challenge of creating this new work environment space, but also it resonated with our purpose and our mission of delivering life-saving vaccines.”

A shot in the arm

Driving Pfizer’s planned expansion is a desire to deliver a proverbial shot in the arm to its vaccine development effort as the explosive revenue growth generated by the COVID-19 vaccines it has co-developed with BioNTech fades.

Pfizer earned $37.8 billion in COVID-19 vaccine sales last year. While those revenues rose about three percent from $36.78 billion in 2021, the company has guided investors to expect only about ~$13.5 billion this year—64% less than 2022—as government contracts give way to commercial sales. Pfizer expects to charge a private market price ranging from $110–130 a dose (the same range as rival Moderna’s vaccine).

Steve Bjornson, Pfizer’s vice president and chief operating officer, Vaccine Research and Development, discusses Pfizer’s expansion plans in Pearl River, NY, at a recent event held by Builds Bio+, which advances life sciences in the New York and Philadelphia regions.

“If anything, the pandemic showed us what an amazing crown jewel we had in Pearl River, and we don’t need to go anywhere else to be successful,” Bjornson told an audience of biopharma executives, business professionals and others at a recent event held by Builds Bio+, which advances life sciences development in the New York and Philadelphia regions, at Innolabs in Long Island City, NY. “It gave confidence for the company—not just for those of us in R&D but the whole company—that this is an environment that we can invest in and be successful in.”

Suburban campuses as well as downtown buildings—many transformed from office or other commercial use—have helped the New York metro area grow into a vibrant regional cluster for biotech and other life sciences, said Nancy J. Kelley, a founding member of Builds Bio+, which recently expanded its focus beyond New York City.

Bjornson said Pfizer’s decision to stay in Pearl River came down to people and money. “We didn’t want to lose the talent base that we currently have. So, that kind of limited the scope when we defined a region that we could work within. And it gravitated towards New York City,” Bjornson said. “We were thinking, could we get closer to New York City to access additional talent?”

Pfizer concluded it could not do so without shelling out more capital than it wanted to spend.

“When we started getting estimates of what the cost of building or accessing a size space that would be appropriate for our needs, it dwarfed the investment that we would need to make in Pearl River to achieve the same outcome. So, cost was definitely a factor,” Bjornson explained. “Moving the campus would have risked the loss of all that talent and we didn’t want to risk that.”

The company turns over four to five percent of its Pearl River staff each year, adding to Pfizer’s challenge of attracting researchers and other employees to the site in suburban Rockland County, about an hour’s drive north of Times Square.

“Looking at Boston or California, where a lot of the scientific talent is embedded, we have a marketing challenge in our area to attract talent. But once we do, we find that our attrition is lower,” Bjornson observed. “We don’t have the revolving door that we experience up in Cambridge in our vaccine organization, because people come, they move, and they really like the neighborhood. They like the environment that they can create for themselves. I think the ability to retain talent is very good. Attracting talent is where we put a lot of our effort.”

Growing vaccine pipeline

Bjornson said the falloff in COVID-19 vaccine revenues will not slow down Pfizer’s expansion plans for Pearl River, since the company is stepping up vaccine development efforts. Pfizer’s vaccines are designed to protect against childhood, adolescent, and adult infections—including meningococcal disease, influenza, Lyme disease, respiratory syncytial virus (RSV), and Clostridioides (C) difficile.

According to its most recently published pipeline on January 31, Pfizer has 11 vaccines in registration phase—eight of them messenger RNA (mRNA)-based jabs targeting COVID-19 and partnered with BioNTech.

Also in Pfizer’s vaccine pipeline are eight clinical candidates, four of them in Phase III:

  • RSVpreF (PF-06928316), a vaccine designed to protect pregnant women against RSV in their infants from birth through 6 months. The FDA is expected to decide on Pfizer’s biologics license application (BLA) for the vaccine in August. The agency has granted RSVpreF its Breakthrough Therapy and Priority Review designations.
  • PF-07252220 (formerly qIRV), a quadrivalent modified RNA (modRNA) influenza vaccine for adults. The vaccine, being co-developed with BioNTech, is now under study in a trial (NCT05540522) that has enrolled more than 36,000 participants and whose estimated primary completion date is in August.
  • PF-06425090, a vaccine designed to protect against primary C difficile infection, and which has gained FDA Fast Track status.
  • PF-07307405, a Lyme disease vaccine that also has FDA Fast Track status.

Pfizer’s Phase II vaccines include PF-06842433, a complementary 7-valent pneumococcal conjugate vaccine designed to protect against invasive and non-invasive pneumococcal infections in infants and children; and GBS6 (PF-06760805), a hexavalent (6-valent) anti-capsular polysaccharide (CPS) / cross reactive material 197 glycoconjugate vaccine for mothers, designed to prevent invasive Group B Streptococcus (GBS) in their newborns.

Two other Pfizer vaccine candidates are in Phase I: PF-07845104, a self-amplifying mRNA (saRNA) vaccine designed to prevent influenza in adults; and PF-07926307, which is designed to protect against both COVID-19 and flu by combining PF-07252220 with BioNTech’s authorized Omicron-adapted bivalent COVID-19 BNT162b2 (Original/Omicron BA.4/BA.5) vaccine.

“We’ve never had as robust a vaccine portfolio and R&D as we have today, and that’s driven by investment in Pfizer in our area. They see the opportunity to have a massive impact on public health—that’s what Pfizer wants to do,” Bjornson said. “We’re moving in a variety of ways to advance science in so many different fields. There has just never been a better time to be within Pfizer Vaccines.”

Though the expansion project, Pfizer plans to enhance businesses operations now within its current owned space and consolidate there at least some of the operations now housed in about 140,000 square feet of leased space on an adjacent campus it once owned.

From dairy to drugs

In Pearl River, Pfizer owns about 550,000 square feet on 23 acres carved out of a campus created in 1907 by Ernst Lederle (1865–1921). The one-time New York City health commissioner turned drug development pioneer transformed a dairy farm into a campus for discovering and manufacturing treatments, starting with a diptheria antitoxin that was the first product to win approval from the agency now known as the FDA.

Through a series of acquisitions, Lederle Labs gave way to American Cyanamid, which was bought for $9.7 billion by American Home Products in 1994. Eight years later, that company renamed itself Wyeth, derived from its Wyeth-Ayerst prescription drugs and vaccines business, to emphasize its narrower focus on prescription drugs.

Pfizer acquired in 2009 for $68 billion, and based as many as 4,000 people in Pearl River before eliminating its consumer health production and later its vaccine production operations, shrinking its workforce to about 700 by 2016.

A year earlier, Pfizer sold most of its campus for $40 million to current owner Industrial Realty Group (IRG). Los Angeles-based IRG operates over 150 industrial and other commercial properties in 31 states with over 100 million square feet of rentable space. IRG converted the 207 acres it bought from Pfizer into a 25-building industrial/commercial site briefly called New York Center for Innovation, and since rebranded as Hudson Valley iCampus.

“Pfizer’s vote of confidence, their thumbs up, their decision to expand on the campus is huge. It sends the signal that this is a good place to do business,” Jamie Schwartz, President of Hudson Valley iCampus, told GEN Edge. “We’re here to help Pfizer, be a good neighbor and be collaborative with them.”

iCampus consists of about two million square feet that is 43% occupied by 23 tenants including Pfizer, with more than 20 of the buildings vacant and available for lease.

Regional magnet

In addition to Pfizer, which earlier this year inked a lease for 86,000 square feet, iCampus has become a regional magnet attracting more than a half-dozen other life sciences tenant businesses, including:

  • Sanofi, which occupies 83,000 square feet of manufacturing space in two buildings it inherited when it acquired Protein Sciences in 2017 for up to $750 million.
  • Auro Vaccines, a wholly-owned subsidiary of Aurobindo Pharma USA, the U.S. subsidiary of Indian-based Aurobindo Pharma. Earlier this year, iCampus announced Auro as having renewed its lease for 17,500 square feet of laboratory space. Auro designs and develops preventive and therapeutic vaccines for infectious diseases.
  • C16 Biosciences, which produces a biomanufactured alternative to palm oil called Palmless, among other next-generation fats and oils.
  • NuBiyota, a microbiome therapeutics developer that operates a Good Manufacturing Practices (GMP) manufacturing site on the campus. The company focuses on the development of novel microbiota-based drugs designed to restore gut equilibrium.
  • Pearl River Laboratories (PRL), which provides GMP analytical services and process development services for conjugated biologics.
  • Profectus BioSciences, a developer of vaccines for viral diseases and malaria which moved into the campus in 2018, agreeing to lease 9,455 square feet.
  • RK Pharma, a developer and manufacturer of generic pharmaceutical products worldwide, which. In 2021, RK signed a long-term lease for 83,000 square feet in Building 215 and its annex, where it manufactures active pharmaceutical ingredients (APIs) and other products.

Beyond life sciences, iCampus is home to Momentive Performance Materials, a global maker of global high-performance silicones and specialties; Olaplex, a maker of hair repair treatments; and Pearl River Studios, where scenes have been filmed for shows ranging from Blacklist (NBC) to FBI-Most Wanted (CBS) to Punisher and Orange Is the New Black (both Netflix).

iCampus selling points include the ability to accommodate life sciences as well as vivarium, manufacturing, distribution, warehouse, data center, and office uses; about 30 acres of available land for development; a central utility plant serving all its buildings; as well as proximity to Interstates 87 (New York State Thruway) and 287, the Garden State and Palisades Interstate parkways, Routes 303/304 and 59, and the Nanuet and Pearl River commuter rail stations serving Metro-North Railroad and New Jersey Transit trains on the Pascack Valley Line.

Another advantage for iCampus, Schwartz said, is its proximity to New York City and northern New Jersey—the two anchors of the regional biotech cluster ranked No. 3 by GEN last year.

Over time, iCampus plans to add amenities that would benefit Pfizer and other tenants, including the conversion of an existing building into a hotel—to be followed by a broader mix of uses that would include retail, office, industrial, and residential components.

“We want to make it a work-live-play destination, so the young scientists can afford to live in Rockland, to rent or buy,” Schwartz said.

The post Project Vitality: Pfizer Pursues Vaccine R&D Expansion appeared first on GEN - Genetic Engineering and Biotechnology News.

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Aging at AACR Annual Meeting 2024

BUFFALO, NY- March 11, 2024 – Impact Journals publishes scholarly journals in the biomedical sciences with a focus on all areas of cancer and aging…

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BUFFALO, NY- March 11, 2024 – Impact Journals publishes scholarly journals in the biomedical sciences with a focus on all areas of cancer and aging research. Aging is one of the most prominent journals published by Impact Journals

Credit: Impact Journals

BUFFALO, NY- March 11, 2024 – Impact Journals publishes scholarly journals in the biomedical sciences with a focus on all areas of cancer and aging research. Aging is one of the most prominent journals published by Impact Journals

Impact Journals will be participating as an exhibitor at the American Association for Cancer Research (AACR) Annual Meeting 2024 from April 5-10 at the San Diego Convention Center in San Diego, California. This year, the AACR meeting theme is “Inspiring Science • Fueling Progress • Revolutionizing Care.”

Visit booth #4159 at the AACR Annual Meeting 2024 to connect with members of the Aging team.

About Aging-US:

Aging publishes research papers in all fields of aging research including but not limited, aging from yeast to mammals, cellular senescence, age-related diseases such as cancer and Alzheimer’s diseases and their prevention and treatment, anti-aging strategies and drug development and especially the role of signal transduction pathways such as mTOR in aging and potential approaches to modulate these signaling pathways to extend lifespan. The journal aims to promote treatment of age-related diseases by slowing down aging, validation of anti-aging drugs by treating age-related diseases, prevention of cancer by inhibiting aging. Cancer and COVID-19 are age-related diseases.

Aging is indexed and archived by PubMed/Medline (abbreviated as “Aging (Albany NY)”), PubMed CentralWeb of Science: Science Citation Index Expanded (abbreviated as “Aging‐US” and listed in the Cell Biology and Geriatrics & Gerontology categories), Scopus (abbreviated as “Aging” and listed in the Cell Biology and Aging categories), Biological Abstracts, BIOSIS Previews, EMBASE, META (Chan Zuckerberg Initiative) (2018-2022), and Dimensions (Digital Science).

Please visit our website at www.Aging-US.com​​ and connect with us:

  • Aging X
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  • Aging YouTube
  • Aging LinkedIn
  • Aging SoundCloud
  • Aging Pinterest
  • Aging Reddit

Click here to subscribe to Aging publication updates.

For media inquiries, please contact media@impactjournals.com.


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NY Fed Finds Medium, Long-Term Inflation Expectations Jump Amid Surge In Stock Market Optimism

NY Fed Finds Medium, Long-Term Inflation Expectations Jump Amid Surge In Stock Market Optimism

One month after the inflation outlook tracked…

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NY Fed Finds Medium, Long-Term Inflation Expectations Jump Amid Surge In Stock Market Optimism

One month after the inflation outlook tracked by the NY Fed Consumer Survey extended their late 2023 slide, with 3Y inflation expectations in January sliding to a record low 2.4% (from 2.6% in December), even as 1 and 5Y inflation forecasts remained flat, moments ago the NY Fed reported that in February there was a sharp rebound in longer-term inflation expectations, rising to 2.7% from 2.4% at the three-year ahead horizon, and jumping to 2.9% from 2.5% at the five-year ahead horizon, while the 1Y inflation outlook was flat for the 3rd month in a row, stuck at 3.0%. 

The increases in both the three-year ahead and five-year ahead measures were most pronounced for respondents with at most high school degrees (in other words, the "really smart folks" are expecting deflation soon). The survey’s measure of disagreement across respondents (the difference between the 75th and 25th percentile of inflation expectations) decreased at all horizons, while the median inflation uncertainty—or the uncertainty expressed regarding future inflation outcomes—declined at the one- and three-year ahead horizons and remained unchanged at the five-year ahead horizon.

Going down the survey, we find that the median year-ahead expected price changes increased by 0.1 percentage point to 4.3% for gas; decreased by 1.8 percentage points to 6.8% for the cost of medical care (its lowest reading since September 2020); decreased by 0.1 percentage point to 5.8% for the cost of a college education; and surprisingly decreased by 0.3 percentage point for rent to 6.1% (its lowest reading since December 2020), and remained flat for food at 4.9%.

We find the rent expectations surprising because it is happening just asking rents are rising across the country.

At the same time as consumers erroneously saw sharply lower rents, median home price growth expectations remained unchanged for the fifth consecutive month at 3.0%.

Turning to the labor market, the survey found that the average perceived likelihood of voluntary and involuntary job separations increased, while the perceived likelihood of finding a job (in the event of a job loss) declined. "The mean probability of leaving one’s job voluntarily in the next 12 months also increased, by 1.8 percentage points to 19.5%."

Mean unemployment expectations - or the mean probability that the U.S. unemployment rate will be higher one year from now - decreased by 1.1 percentage points to 36.1%, the lowest reading since February 2022. Additionally, the median one-year-ahead expected earnings growth was unchanged at 2.8%, remaining slightly below its 12-month trailing average of 2.9%.

Turning to household finance, we find the following:

  • The median expected growth in household income remained unchanged at 3.1%. The series has been moving within a narrow range of 2.9% to 3.3% since January 2023, and remains above the February 2020 pre-pandemic level of 2.7%.
  • Median household spending growth expectations increased by 0.2 percentage point to 5.2%. The increase was driven by respondents with a high school degree or less.
  • Median year-ahead expected growth in government debt increased to 9.3% from 8.9%.
  • The mean perceived probability that the average interest rate on saving accounts will be higher in 12 months increased by 0.6 percentage point to 26.1%, remaining below its 12-month trailing average of 30%.
  • Perceptions about households’ current financial situations deteriorated somewhat with fewer respondents reporting being better off than a year ago. Year-ahead expectations also deteriorated marginally with a smaller share of respondents expecting to be better off and a slightly larger share of respondents expecting to be worse off a year from now.
  • The mean perceived probability that U.S. stock prices will be higher 12 months from now increased by 1.4 percentage point to 38.9%.
  • At the same time, perceptions and expectations about credit access turned less optimistic: "Perceptions of credit access compared to a year ago deteriorated with a larger share of respondents reporting tighter conditions and a smaller share reporting looser conditions compared to a year ago."

Also, a smaller percentage of consumers, 11.45% vs 12.14% in prior month, expect to not be able to make minimum debt payment over the next three months

Last, and perhaps most humorous, is the now traditional cognitive dissonance one observes with these polls, because at a time when long-term inflation expectations jumped, which clearly suggests that financial conditions will need to be tightened, the number of respondents expecting higher stock prices one year from today jumped to the highest since November 2021... which incidentally is just when the market topped out during the last cycle before suffering a painful bear market.

Tyler Durden Mon, 03/11/2024 - 12:40

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Homes listed for sale in early June sell for $7,700 more

New Zillow research suggests the spring home shopping season may see a second wave this summer if mortgage rates fall
The post Homes listed for sale in…

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  • A Zillow analysis of 2023 home sales finds homes listed in the first two weeks of June sold for 2.3% more. 
  • The best time to list a home for sale is a month later than it was in 2019, likely driven by mortgage rates.
  • The best time to list can be as early as the second half of February in San Francisco, and as late as the first half of July in New York and Philadelphia. 

Spring home sellers looking to maximize their sale price may want to wait it out and list their home for sale in the first half of June. A new Zillow® analysis of 2023 sales found that homes listed in the first two weeks of June sold for 2.3% more, a $7,700 boost on a typical U.S. home.  

The best time to list consistently had been early May in the years leading up to the pandemic. The shift to June suggests mortgage rates are strongly influencing demand on top of the usual seasonality that brings buyers to the market in the spring. This home-shopping season is poised to follow a similar pattern as that in 2023, with the potential for a second wave if the Federal Reserve lowers interest rates midyear or later. 

The 2.3% sale price premium registered last June followed the first spring in more than 15 years with mortgage rates over 6% on a 30-year fixed-rate loan. The high rates put home buyers on the back foot, and as rates continued upward through May, they were still reassessing and less likely to bid boldly. In June, however, rates pulled back a little from 6.79% to 6.67%, which likely presented an opportunity for determined buyers heading into summer. More buyers understood their market position and could afford to transact, boosting competition and sale prices.

The old logic was that sellers could earn a premium by listing in late spring, when search activity hit its peak. Now, with persistently low inventory, mortgage rate fluctuations make their own seasonality. First-time home buyers who are on the edge of qualifying for a home loan may dip in and out of the market, depending on what’s happening with rates. It is almost certain the Federal Reserve will push back any interest-rate cuts to mid-2024 at the earliest. If mortgage rates follow, that could bring another surge of buyers later this year.

Mortgage rates have been impacting affordability and sale prices since they began rising rapidly two years ago. In 2022, sellers nationwide saw the highest sale premium when they listed their home in late March, right before rates barreled past 5% and continued climbing. 

Zillow’s research finds the best time to list can vary widely by metropolitan area. In 2023, it was as early as the second half of February in San Francisco, and as late as the first half of July in New York. Thirty of the top 35 largest metro areas saw for-sale listings command the highest sale prices between May and early July last year. 

Zillow also found a wide range in the sale price premiums associated with homes listed during those peak periods. At the hottest time of the year in San Jose, homes sold for 5.5% more, a $88,000 boost on a typical home. Meanwhile, homes in San Antonio sold for 1.9% more during that same time period.  

 

Metropolitan Area Best Time to List Price Premium Dollar Boost
United States First half of June 2.3% $7,700
New York, NY First half of July 2.4% $15,500
Los Angeles, CA First half of May 4.1% $39,300
Chicago, IL First half of June 2.8% $8,800
Dallas, TX First half of June 2.5% $9,200
Houston, TX Second half of April 2.0% $6,200
Washington, DC Second half of June 2.2% $12,700
Philadelphia, PA First half of July 2.4% $8,200
Miami, FL First half of June 2.3% $12,900
Atlanta, GA Second half of June 2.3% $8,700
Boston, MA Second half of May 3.5% $23,600
Phoenix, AZ First half of June 3.2% $14,700
San Francisco, CA Second half of February 4.2% $50,300
Riverside, CA First half of May 2.7% $15,600
Detroit, MI First half of July 3.3% $7,900
Seattle, WA First half of June 4.3% $31,500
Minneapolis, MN Second half of May 3.7% $13,400
San Diego, CA Second half of April 3.1% $29,600
Tampa, FL Second half of June 2.1% $8,000
Denver, CO Second half of May 2.9% $16,900
Baltimore, MD First half of July 2.2% $8,200
St. Louis, MO First half of June 2.9% $7,000
Orlando, FL First half of June 2.2% $8,700
Charlotte, NC Second half of May 3.0% $11,000
San Antonio, TX First half of June 1.9% $5,400
Portland, OR Second half of April 2.6% $14,300
Sacramento, CA First half of June 3.2% $17,900
Pittsburgh, PA Second half of June 2.3% $4,700
Cincinnati, OH Second half of April 2.7% $7,500
Austin, TX Second half of May 2.8% $12,600
Las Vegas, NV First half of June 3.4% $14,600
Kansas City, MO Second half of May 2.5% $7,300
Columbus, OH Second half of June 3.3% $10,400
Indianapolis, IN First half of July 3.0% $8,100
Cleveland, OH First half of July  3.4% $7,400
San Jose, CA First half of June 5.5% $88,400

 

The post Homes listed for sale in early June sell for $7,700 more appeared first on Zillow Research.

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