Syncona, CRUK and BACIT join forces to create a $1.2B biotech investment powerhouse
The Wellcome Trust’s independent investment subsidiary Syncona is merging with the public investment firm BACIT to create an expanded, $1.2 billion investment outfit listed on the London exchange. As part of the new alignment, Cancer Research UK is investing in BACIT with an eye to spurring a new round of UK biotech startups working in the oncology arena.
Wellcome created Syncona four years ago, investing £250 million into its subsidiary to help provide some badly needed financing for the country’s growing biotech industry. Combined with more funds from Neil Woodford, there’s been a wave of new UK biotechs starting up in recent years, often getting started with new technology from the country’s leading academic institutions.
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