Pfizer backs out of Mission Bay plan

July 7, 2009 7:55:47 PM PDT
San Francisco's hope of making the city a major biotech hub has taken a huge hit.

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Drug giant Pfizer has decided not to open a biotech research center in Mission Bay, the neighborhood located near AT&T park.

The decision comes nearly a year after Pfizer announced the plans with great fanfare.

A spokesman for Mayor Gavin Newsom called the decision disappointing, but says the mayor remains confident the area will become a magnet for industrial activity.

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