In 2023, funding for life sciences companies fell from record-high levels, forcing companies to learn to do more with less. Leasing activity slowed in the sector as tenants became more cost conscious, too, according to a report from Savills.

Despite this challenge, Synnovation Therapeutics, a precision oncology company, raised nearly $70 million in Series A funding last year. This was one of the year’s largest funding deals in Philadelphia. In the Boston-Cambridge market, respiratory and immunological drug developer start-up Ailos Bio raised $245 million for Phase 2 of its medication to treat severe asthma.

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