LifeNet Health’s Rapid Growth Continues with Acquisition of State-of-the-Art Virginia Beach Research Laboratory

October 9, 2024

A company that is a global leader in regenerative medicine has acquired a cutting-edge research laboratory in Virginia Beach. LifeNet Health will use the laboratory as a center of excellence for groundbreaking liver disease research and sports medicine applications. The dual function will provide better health solutions for a growing number of patients.

Situated near Town Center, the approximately 5,700-square-foot space, previously managed by the City of Virginia Beach, has long been intended as a home for life sciences research. In partnership with the City of Virginia Beach, LifeNet Health secured the state-of-the-art facility, adding to the company’s rapidly expanding regional impact.

LifeNet Health has spent the past four-plus decades expanding transplantation services for residents of Virginia, forging new advancements in allograft implants, and researching cellular therapies for breakthrough discoveries.

This latest acquisition underscores the company’s dedication to using life sciences research to revolutionize patient outcomes, with the aim of transforming the prognosis for the more than 100 million people worldwide who currently suffer from an inflammatory liver condition called nonalcoholic steatohepatitis (NASH) or assist those who deal with chronic knee and joint degeneration.

In partnership with the City of Virginia Beach, LifeNet Health secured the state-of-the-art facility, adding to the company’s rapidly expanding regional impact. The acquisition is a significant milestone in an extended period of double-digit growth for LifeNet Health, which currently employs about 1,000 employees in Virginia Beach and close to 1,500 globally. Since 2023, the company has hired more than 500 new employees across various locations, a 37% increase overall.

“I am immensely proud of LifeNet Health’s progress and the transformative potential this new laboratory represents,” said LifeNet Health President and CEO Rony Thomas. “Our home is Hampton Roads, and we take great pride in delivering for not only patients but for our neighbors as well. This facility will be a cornerstone of our life sciences research programs, significantly enhancing our ability to address critical health challenges. By expanding our presence in Virginia Beach, we are not only advancing medical science but also contributing to the economic vitality of the region.”

The acquisition of this innovative facility underscores LifeNet Health’s commitment to driving innovation and economic growth in the region.

“We are thrilled that one of the world’s most recognizable companies in the medical science space is expanding to Virginia Beach,” said Amanda Jarratt, deputy city manager for the City of Virginia Beach. “Not only will this move provide high-value jobs, but it will also contribute to Virginia Beach’s economic growth, further positioning the city as a life sciences hub. We congratulate the LifeNet Health team on the expansion in Virginia Beach and look forward to a positive, successful partnership.”

LifeNet Health’s acquisition of the facility brings years of potential promise to fruition, positioning the region at the forefront of innovation for years.

“We are excited to widen our footprint and generate new jobs in Virginia Beach, especially when many organizations are downsizing,” said John Herre, MD, chair of the LifeNet Health Board of Directors. “Virginia Beach has been a consistent and nurturing partner for LifeNet Health for over 40 years, and we are eager to continue that relationship and play a pivotal role in revitalizing its downtown, solidifying its status as a life sciences hub.”