A new economic impact report from industry group Life Science Washington takes stock of the state's life science industry and finds much to like.
According to the report, released Thursday, life science companies directly employed 46,540 people in the state in 2022, the most recent year available, up from 43,546 people in 2021. The life science industry had a statewide economic impact of $38.8 billion in 2022, up from $35.3 billion in 2021.
Life Science Washington CEO Marc Cummings said in a news release the report "shows the industry continues to expand quickly and provide job opportunities — at all experience levels — ranging from research and development to manufacturing and commercial operations.” He added that the state "has solidified its standing as a top 10 life science hub in the country."
According to the report, the life science industry in Washington supported 112,851 jobs in 2022, beyond roles directly employed by the industry. The average annual wage for life science jobs in the state was $125,274, compared with $85,249 for other private-sector jobs in the state.
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Not all local biotech companies have fared well in the current market. Seattle-based research device maker NanoString filed for Chapter 11 bankruptcy protection in February and now plans to be acquired by Bruker Corp. for $392.6 million. Seattle-based biotech Kineta in March went through cuts that left the company with just four employees. And Seattle-based biotech Impel Pharmaceuticals filed for bankruptcy in December before selling to investors for $17.5 million in February.
Seattle still houses far and away the most life science companies in the state. The report counts 454 life science companies in Seattle, compared with 86 in Bellevue and 64 in Bothell, which had the second and third most companies, respectively.
Life Science Washington also released its 2023 statewide investor report Thursday. The report noted investors poured $854.3 million into Washington life science companies in 2023, not including post-IPO investments like private placements or underwritten public offerings. Late-stage deals made up $610.4 million of that total, while early-stage deals made up $188.4 million.
Acquisition values of Washington life science companies totaled more than $49 billion in 2023. Pfizer's $43 billion acquisition of Bothell-based Seagen in December, however, accounted for most of that number. Seattle-based Chinook Therapeutics was acquired by Novartis in a deal that closed in August for $3.5 billion.
Seattle-based Life Science Washington is an industry group with more than 500 members.
