News Ticker

Backer Pulls Out of ASU Biomedical Center

Credit: PK Associates

By Brenna Goth for The Arizona Republic

Plans to massively expand Arizona State University’s footprint on the downtown Phoenix Biomedical Campus with the help of a billionaire doctor are off, university officials confirmed Wednesday.

ASU no longer is negotiating the development of about seven acres of city land with NantWorks, the company led by Dr. Patrick Soon-Shiong, a university spokesman said in a statement.

The university previously said NantWorks had committed at least $75M to the first phase of a project including joint research teams and facilities.

The announcement comes nearly a year after Soon-Shiong canceled a deal to buy the TGen building on the campus.

Failing to secure an agreement with his California-based company is a blow to the vision of a technology-based health research hub the groups presented two years ago. Phoenix officials lauded the idea when the City Council approved a lease agreement to facilitate the concept.

NantWorks wasn’t included in the city’s lease agreement with ASU that was approved by the council. But terms did require a 200,000-square-foot development with a minimum investment of $75M in the first phase.

The university said 2015 that NantWorks would provide that funding.

Read more at The Arizona Republic.

NOTE: Paid subscribers receive additional project details in our twice-weekly PDF publication, including project stakeholder information and valuable project bidding leads. Find out more about AZBEX subscriptions or contact Rebekah Morris at rmorris@azbex.com or (480) 709-4190

Leave a comment

Your email address will not be published.


*