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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