Pfizer is gobbling up some prime biotech real estate in Cambridge, MA. The New York-based pharma company is adding space for 400 employees at the heart of the biotech R&D hub in Kendall Square, according to Xconomy Boston.
Pfizer has signed a 10-year lease with MIT for more than 180,000 square feet in a new building currently under construction. The building will house Pfizer’s cardiovascular, metabolic, and endocrine disease unit as well as its neuroscience research unit. The company said it plans to move into the new building when it’s done in the fourth quarter of 2013.
Pfizer’s growth in Boston was certainly not a given, since February when CEO Ian Read announced deep cuts to the company’s $8 billion global R&D operations. Research sites in Groton, CT, and Sandwich, UK, have been hit the hardest. Pfizer said it plans to relocate some key company scientists to the new Kendall Square facility, as well as hire “a significant number” of new scientists with expertise in chemistry and biology.