San Antonio’s successful recruitment of Cytocentrics more than a year ago has led to another economic win that could further enhance the city’s role in the global bioscience arena.
The company, which recently changed its name to CytoBioScience Inc., has acquired a Birmingham, Alabama-based biotech firm called Soluble Therapeutics that will look to establish roots here over the next 12 months.
CytoBioScience officials believe the “multimillion-dollar purchase” could draw more companies and talent to the Alamo City. At a minimum, it will likely attract more attention from entities that could be looking for a new home.
“What this does is deepen the biotech footprint in San Antonio. And whenever you do that, you just don’t know what shore the ripples from these waves will land on,” CytoBioScience CEO Dr. James Garvin told me.
CytoBioScience, which decided to move its headquarters from Germany to San Antonio in 2015, develops and manufactures devices that allow other researchers, medical institutions and pharmaceutical companies to better understand how human cells react to medicine. The company’s acquisition of Soluble Therapeutics is part of a larger strategic shift aimed at broadening its product platform.
Soluble Therapeutics Managing Director Sharney Logan said the acquisition will allow CytoBioScience to expand its technology to more global markets. As part of the agreement, the Alabama biotech firm will change its name to SolubleBioScience and move its operations, including its scientific team, to San Antonio.
Garvin expects other bioscience companies will take note of San Antonio’s latest win.
“This will continue to raise the awareness of what is already happening in the city,” he said.
CytoBioScience leadership hinted recently that the company was looking to widen its reach. And the acquisition of Soluble may not be its last move.
But the deal could trigger other economic opportunities as San Antonio continues to build up its bioscience industry assets, as well as its reputation across the United States and abroad.
“San Antonio is already one of the best places in the world for biotechnology,” Garvin said. “But we need to continue to beat our chests.”