Cresset, a provider of integrated in silico solutions for drug discovery has expanded its existing North American presence, with the creation of a new US facility in Boston, one of the world’s leading global hubs for pharma and life sciences.
From its headquarters in Cambridge, UK, Cresset has grown into a drug discovery solutions company with a genuine global reach, with more than 50% of its revenues now coming from outside the UK.
The establishment of a US presence in Boston is a major milestone in the next phase of the company’s international expansion. Cresset has been on a remarkable growth journey in recent years, which has seen the company achieve average year-on-year growth of over 25% and a significant increase in its employee headcount since 2020.
Its new site will be based in the Cambridge Innovation Center (CIC) building in the greater Boston area. The CIC is already home to over 300 life science and biotech organizations, ranging from startups to accelerators, innovation arms of global pharmaceutical companies, and venture capitalists.
The US entity will enable Cresset to employ people directly in North America for the first time, bringing them closer to their customer base and expanding their relationships with the world-class scientific talent available in the Boston area.
Boston is one of the leading industry clusters in the US, hosting over 1,000 biotech companies, and is the headquarters of global pharma giants such as Biogen, Shire, and Takeda. The Massachusetts area attracts one of the highest rates of venture capital funding in the United States, with biopharma companies receiving $5.1bn in the first half of 2022, as well as the highest rates of National Institutes of Health (NIH) funding.
Cresset will have a fledgling team based in Boston, who will be able to host face-to-face meetings and customer workshops to spearhead the next phase of their North American expansion.
Dr Rob Scoffin, CEO of Cresset 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. 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.”
“The centres of excellence in Cambridge and Boston are world-renowned and have become a focal point for investment and growth over the last 15 years. The office will enable us to offer more local support to our clients, which is in their time zone, and provide that crucial in-person contact for building relationships. Through the benefits of being part of the CIC building and other regional associations, we will be able to support our US clients more effectively and enhance our existing service offering”.
