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The Seattle Times is reporting that ZymoGenetics will keep a presence in its iconic building, the former Lake Union Steam Plant, at the south end of the Eastlake neighborhood.
There had been a question about whether Zymo would remain in the building after the company was purchased by Bristol-Myers Squibb last year.
The Times quotes a Bristol-Myers Squibb spokesperson as saying the firm would maintain offices in the building. The Times says local officials say there will be about 275 people in the Zymo office, but the Bristol-Myers Squibb spokesperson couldn't confirm that.
Read more of the Times report here.
New building proposed: The Times is also reporting that Alexandria Real Estate Equities is planning to build a six-story biotech building across the street from Zymo at 1150 Eastlake Ave. E. There's a 60-year-old, single story building and parking lots on the site currently.
Alexandria's plans include asking the city to vacate East Nelson Place, a dead-end street at the north end of the development...
The Puget Sound Business Journal is reporting on what may happen to ZymoGenetics as Bristol-Myers Squibb completes its acquisition of the bio-tech company.
ZymoGenetics occupies space in the historic Lake Union Steam Plant at the southern end of the Eastlake neighborhood.
A big question with the Bristol-Myers Squibb takeover was whether ZymoGenetics would remain in Seattle and, if not, what would happen to the old Steam Plant. As Xconomy posted in September, the Steam Plant isn't set up for multiple tenants and the space Zymo occupies is too big for most bio-tech firms.
Clay Holtzman from the Business Journal reports that a Bristol-Myers spokesperson told him Thursday that "virtually no one would be let go for three months. The exception being key executive positions. For example, CEO Doug Williams and President Steve Zaruby are no longer with the company."
What happens after that is uncertain. To read more of Holtzman's article, click here.
The big news in local biotech companies was last week's announcement that ZymoGenetics has been acquired Bristol-Meyers Squibb for $885 million.
ZymoGenetics has been the main occupant of the old Lake Union Steam Plant since the builidng was remodeled in the 1990s. And, as Luke Timmerman writes at Xconomy.com, many people are wondering what will happen to the staff and the building after the new owner takes over.
ZymoGenetics bought the building in 1993 and, Timmerman reports, spent $25 million to refurbish it. Later, the company sold it to Alexandria Real Estate Equities with an agreement to lease it for 15 years, a deal that was later extended another two years.
The question is what would happen if Bristol-Meyers Squibb decided to leave part or all of the building, Timmerman writes. The space isn't set up for multiple tenants and there aren't many biotech firms large enough to need the building. Nothing is certain right now, he writes, quoting a ZymoGenetics spokesperson: