Johnson & Johnson will close its JLabs life sciences incubator in Toronto by year-end, ending a nine-year partnership with MaRS Discovery District and the University of Toronto. The 40,000-sq.-ft. facility, JLabs’ first outside the U.S., has served about 30 startups with lab space, mentorship, and investor access.
U of T will manage the incubator until a new partner is found. Politicians hailed JLabs’ 2016 launch as a boost for Toronto’s biotech sector. Despite persistent lab space shortages, Johnson & Johnson says it is realigning its innovation strategy.
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