Pfizer Sells $255 Million San Diego Campus and Cuts 56 Jobs Amid Major R&D Shift

Pfizer is making a bold strategic pivot in San Diego, selling a key research campus for $255 million while preparing to relocate operations to a new high-tech facility nearby. This move marks a significant change for a site that has been central to the company’s oncology and HIV research efforts for over two decades.

The property, located near the Torrey Pines biotech corridor, consists of five buildings and was acquired by BioMed Realty, a major life sciences real estate firm. Although Pfizer will eliminate 56 positions at one of its current addresses on Science Center Drive effective June 2, the company insists there is “no direct connection” between the layoffs and the sale.

A Pfizer spokesperson explained that the company is aiming to enhance R&D productivity and streamline operations, stating that all employment decisions would be handled with “transparency, compassion, and respect.”

Pfizer’s roots in the San Diego research scene go back to 2004, when it purchased a 33-acre site for $372 million to support late-stage clinical trials. Over time, the footprint was reduced, with a significant portion sold off in 2012 for $51.25 million, but the company retained a 25-acre campus of over 500,000 square feet—until now.

What comes next is a shift to a new 230,000-square-foot facility in the nearby Torrey Heights area. Pfizer inked a 15-year lease with Breakthrough Properties, which launched the 10-acre biotech complex last fall. The move reflects Pfizer’s evolving focus, with Dr. Jeff Settleman, head of oncology R&D and site leader for La Jolla, emphasizing the goal of delivering “breakthrough cancer therapies” through cutting-edge science.

Other notable tenants in the new Torrey Heights park include BD and Charles River Laboratories, reinforcing the area’s growing importance in the global life sciences ecosystem.

The timing of Pfizer’s official move remains unclear, but company statements suggest the new site is nearly ready to open its doors. The transition underscores a broader industry trend toward agile, innovation-driven campuses in biotech hubs like San Diego.