The company has taken a significant step towards its international expansion by establishing a new facility in Boston, which is said to be one of the world’s premier hubs for pharmaceutical and life sciences industries.
Operating from its headquarters in Cambridge, UK, Cresset has emerged as a global player in drug discovery solutions, with more than 50% of its revenues now generated outside the UK. The inauguration of the Boston site, Cresset says, marks a turning point in the company's journey, characterized by remarkable growth averaging over 25% year-on-year and a substantial increase in its workforce since 2020.
Situated in the Cambridge Innovation Center (CIC) building, the new US facility places Cresset among a vibrant ecosystem of more than 300 life science and biotech entities, ranging from startups to global pharmaceutical innovators and venture capitalists.
Boston a premier biotech cluster in US
For the first time, Cresset will directly employ personnel in North America, facilitating closer engagement with its customer base and tapping into the rich talent pool of scientific experts prevalent in the Boston area.
Boston stands as a premier biotech cluster in the US, home to over 1,000 biotech firms and headquarters of major pharmaceutical giants such as Biogen, Shire, and Takeda. The region also attracts significant venture capital investment, with biopharma companies receiving $5.1 billion in funding in the first half of 2022 and boasting the highest rates of National Institutes of Health (NIH) funding.
Dr. Rob Scoffin, CEO of Cresset, is enthusiastic about the expansion. He said: “Having such a highly skilled team in place in Boston will help enable greater integration between the UK and US teams and provide opportunities to network with the local community.
Cresset's commitment to expanding its global footprint
“As part of this, we have committed to putting a director in Boston on a regular basis to cement our presence in the local pharma and life science community.”
He further emphasized the strategic importance of the Boston office, highlighting the benefits of offering localized support to clients in their time zone and fostering in-person interactions crucial for relationship building. By making the most of the collaborative environment of the CIC building and other regional associations, Cresset aims to enhance its service offerings and better serve its US clientele.
The establishment of the Boston site signifies Cresset's commitment to expanding its global footprint and reinforces its position as a key player in the field of drug discovery solutions. With a dedicated team in Boston, the company is poised to accelerate its growth trajectory and deliver innovative solutions to meet the evolving needs of the pharmaceutical and life sciences industries.
