""After careful evaluation, Pfizer has decided to close its South San Francisco office as the office space is currently underutilized," company spokesperson Jerica Pitts told the Chronicle in a statement."
"Investor funding that was overflowing during the pandemic has since dried up, and as investors pulled out, development pipelines on new drugs slowed."
"In 2022, Pfizer acquired the South San Francisco sickle cell disease drug developer Global Blood Therapeutics for $5.4 billion. But less than two years later, the company laid off 52 workers from the location."
"Pfizer is one of the major producers of the COVID-19 vaccine and has several patents to protect the investment."
Pfizer is shutting down its research facility in South San Francisco by the end of April, citing underutilization of the 164,000-square-foot space. The company has not filed layoff notices, as employees will move to remote positions. This closure reflects a broader trend of declining biotech activity in the Bay Area, attributed to reduced investor funding and slowed drug development. Pfizer previously acquired Global Blood Therapeutics for $5.4 billion but laid off 52 workers from the site less than two years later.
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