Maria Terrades: "Companies in the Barcelona Science Park account for 25% of biotechnology investment"

BarcelonaThe Barcelona Science Park (PCB) is completely full and has a waiting list. Spanning 100,000 square meters, the complex houses research centers, among them the German Fraunhofer Institute of Technology —one of the most important in the world, which has just set up shop there—, and companies that rent laboratories and offices to develop their products. It is a key lever for facilitating technology transfer, the great unfinished task of the Catalan research systemThe workforce of the various tenants totals 3,500 employees. Maria Terrades is the director of this infrastructure, which is part of the University of Barcelona (UB).

An economist by training, Terrades has led the PCB since 2018, a period in which the city's biotechnology companies have accelerated their growth, especially after the pandemic. This year the sector is on track to set a new investment record, with €342 million attracted during the first half of the year and the leadership of companies located in the PCB such as SpliceBio and DeepUll. On the horizon is the development of over 10,000 square meters more to continue attracting new companies, as well as the arrival of the Hospital Clínic as the definitive catalyst for a new biomedical hub at the top of the Diagonal.

For years, the Barcelona Science Park hasn't had a single free centimeter. How did it get to this point?

— We've gone through different phases. I arrived as manager in 2010, during a severe crisis. When a company came to see us, it was usually to say they were closing or needed to downsize. Everything was downsizing. But since the pandemic, the sector has been doing very well. However, on a global scale, the city is also managing to attract a lot of talent. It's no coincidence that it has come AstraZeneca nor that Qiagen The decision to locate a center here could have been made in any other city. What we see now is joy. When companies are doing well, we notice it in that everyone wants to grow and asks us for more space. It's also helping that the public and private sectors are working together, with total alignment to promote health as a strategic sector between the Spanish government, the Generalitat (Catalan government), and the Barcelona City Council.

For all these reasons, they need to grow.

— A 10,000-square-meter building will be constructed on a plot of land across the street, where the School of Interactive New Technologies (ENTI) is currently located; ENTI will relocate to the 22@ district. The University of Barcelona (UB) will provide the land, Incasol will handle the financing, and the PCB will manage the blog. The Institute for Bioengineering of Catalonia (IBEC) and the German Fraunhofer Institute for Applied Research will be located in this building. One of its reasons to settle here It was the entire ecosystem we have in Barcelona and Catalonia. All of this will be finished by 2029. In addition, we will renovate a space that was built some time ago but remained empty. It's 2,700 square meters, where we will build more laboratories. This will represent an investment of six million euros, and the tenants will move in starting in 2028. In the medium term, we have these new projects, and in the meantime, we will manage the day-to-day operations. Qiagen is now a success story – the Dutch multinational acquired Stat-Dx in 2018, a start-up Born in the PCB and growing within the park, it now frees up 2,800 square meters. We are already in talks with organizations that need to expand to determine the best way to allocate the space.

Is the waiting list very long?

— Yes. We're prioritizing in-house companies that want more space over external ones. They contact us, but we tell them there's no room for them. We don't even do site visits anymore.

How much do they earn?

— We expect to grow compared to last year and finish this year with a turnover of 25 million euros; an EBITDA (gross profit) of 8 million and a net profit of 3 million. When we have more space, we will be able to generate higher revenues.

However, shouldn't prices go up?

— No, we are a foundation of the University of Barcelona, and our mission is to promote the healthcare ecosystem in Catalonia. We don't have any shareholders demanding ever-increasing dividends. We set our prices based on our costs, with a sufficient margin to be self-sustaining and allow for necessary reinvestment. We allocate profits to updating our infrastructure, which is aging, but which must remain state-of-the-art in 20 years.

For a long time, they carried a debt of millions.

— The PCB was created in 1997 and was the first science park in the State. The Spanish government generally provided soft loans for the construction of these centers. Many universities in Spain began developing them, each of varying sizes and specializations, but they have faced numerous difficulties. There are 14 in Catalonia. This is the only self-sustaining park of this size. We have now completed one phase: we have achieved financial equilibrium and refinanced the debt. The park cost €150 million, of which €30 million were European Union grants and €120 million were debt. Currently, €70 million remains outstanding. We have a repayment plan that doesn't worry us, scheduled over 25 years, and we can now start thinking about the future.

What will it be like?

— Now 28 years old, the park has matured and we are an important part of the ecosystem. In fact, last year 25% of all investment made in Catalonia went to the park. biotech These were PCB companies. On the other hand, Catalonia and Barcelona have consolidated themselves as a very important hub in life sciences and health. Thanks to the pandemic, but also to all the work done over decades. Now we are seeing the results. We are strong not only in research and publication of papersbut they have also been created start-ups and spin-offsForeign companies are setting up headquarters in Catalonia, and investors are coming here. It's a time when everything is coming together.

In fact, the private sector has begun to copy its model, with a real estate company like Colonial and a fund like Stoneshield developing spaces similar to Sant Joan Despí and Esplugues de Llobregat.

— It had always been said that having a science park wasn't possible, that it was inherently unprofitable. When it became clear that we were self-sustaining and that the investment could be recouped, the private sector became interested. Moreover, this coincided with a time, marked by the pandemic, when investing in shops or offices carried significant risk. These new private initiatives are welcome, and those companies that don't have space here can go to Sant Joan Despí or Esplugues, which are very close. Furthermore, we can accommodate small companies that do research or, at most, prototyping, but not the largest ones or those that want to manufacture, which can do so there. In a time of growth like the present, new spaces like these are a valuable addition.

The Hospital Clínic will be located nearby.

— It's a ten-year project, but work is already underway to establish the Diagonal Health Corridor. It will include not only the Hospital Clínic, but also Sant Joan de Déu and Bellvitge, three major, top-tier university hospitals. The industrial area of Esplugues and Sant Joan Despí is very close by. And let's not forget that we are surrounded by faculties such as chemistry, physics, and biology, with the pharmacy faculty planned for the future. The Barcelona Supercomputing Center is also nearby. We are working with the University of Barcelona, the Barcelona City Council, and the Catalan Government to transform this area into a major healthcare hub, and to achieve this, it is essential to organize all the available public land.

Technology transfer is one of Catalonia's major challenges. What can the PCB do?

— This is one of the few spaces where research centers and companies share a roof. It's a real statement of intent. We're dedicated to providing the infrastructure so that the results of this research can reach society. The first thing companies that set up here want is access to laboratories, which they couldn't afford on their own when they're starting out, but there are many other companies that just need offices and also want to be here. What we do is connect the entire ecosystem and make things easier for them.

What's missing?

— Large companies here. When Stat-Dx was sold, it would have been fantastic if Grifols or Reig Jofre had bought it instead of a Dutch company. The challenge is scaling up. I also expect this is just a matter of time. This whole story began in the 1990s, with the creation of the research centers, as well as the park itself. Then, companies were established. Now the challenge, without a doubt, is for them to grow and manufacture here.