Hey there, South San Francisco! Let's get started with what's happening in and around town. Read on and stay in the loop. βοΈοΈ
In today's newsletter:
Also on today's calendar: South San Francisco Festa Italiana and 1 more event.
Today's riddle: What did the bartender say to the jumper cables when they walked in? π€ (Answer below!)
β’ Why Cellares is cutting 100 jobs after Bristol Myers ends $380m CAR-T deal (business-news-today.com) β A South San Francisco biotech manufacturer, Cellares, is cutting 100 permanent jobs at its local facility after Bristol Myers Squibb ended a cell-therapy manufacturing deal once valued at up to $380 million. The layoffs, estimated to affect roughly two-thirds of the workforce, take effect October 20 and reflect how losing a single major pharmaceutical customer can quickly reshape employment and future growth plans in the city's life sciences sector.
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β’ Why ArsenalBio is cutting 99 jobs two years after its $325m Series C (business-news-today.com) β South San Francisco-based ArsenalBio is cutting 99 jobs in a major restructuring as it pivots its research toward in vivo CAR-T therapies for blood cancers and autoimmune diseases. The move follows an earlier 50% workforce reduction despite a $325 million funding round in 2024, signaling a sharp downsizing of local operations and uncertainty for biotech workers in the area.
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β’ Bluerock Affiliate Acquires Sunnyvale Office Hub For $330.7M (bisnow.com) β South San Francisco's office vacancy rate has climbed to 34.2%, one of the highest on the Peninsula, even as investors pay top dollar for fully leased properties in nearby cities. A $330.7 million Sunnyvale office sale and other recent deals suggest renewed confidence in well-anchored buildings, while many landlords across the Peninsula and South Bay still struggle to fill space.
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Ok South San Francisco! So now you're in the loop about what's happening today. Thanks for reading, and see you in your inbox next time! Oh -- and if you like what you're reading, invite a friend to Patch AM!
-- The Patch AM Team
P.S. The answer to today's riddle: Don't you 2 start anything (Thank you Mary L. for sending it in!)
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