A Tale of Two Halves
2022 can be best understood as a tale of two halves. In the first six months of 2022, the momentum coming out of 2021 continued, even accelerated, with significant new purpose-built development project announcements and heightened enthusiasm about expanding applications of cell and gene therapy advancement, particularly related to mRNA therapies and vaccines. While the market momentum continued into Q3 and Q4, the Philadelphia Life Sciences Cluster began to show indications that it was not immune from the impacts of rising interest rates, inflation, and more conservative investment attitudes towards both real estate and early-stage drug development. Overall, the results for 2022 were mixed as the continued momentum from the last 24 months was tempered by restraint on the part of boards and investors, with some notable exceptions.
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