San Francisco’s Mission Bay neighborhood was supposed to be a thicket of biotech. What went wrong?

These are boom times for Mission Bay, a neighborhood on the water on the eastern edge of this city, due south of the bustling financial district. The Golden State Warriors will soon start playing in a shiny new arena. Dropbox picked the neighborhood as home for its new headquarters, and so did Uber, which will shell out $86 per square foot annually for its new space.

Largely left out of the party is biotech.