UK bank launches £2.5B plan to fund innovation, with a special place for its long-ailing biotech scene
Can a government-owned bank loaded with cash help trigger a biotech boom in the UK?
We’ll find out.
The British Business Bank has just unveiled a £2.5 billion scheme to invest in “innovative” companies in the UK, and they have a special focus on drug discovery and development.
The BBB is transferring £400 million over to the newly created British Patient Capital to get things going. And they’re starting with a small, £9 million investment in the Dementia Discovery Fund, which is backing life sciences companies in the field. Another £30 million goes to Draper Esprit’s £115 million capital raise.
The idea here is that the government can inspire investments totaling three times their £2.5 billion investment.
The UK’s Golden Triangle is home to some of the world’s best known scientists, and has a major backer with AstraZeneca and GSK based in the country. But there’s also a strong underlying belief that the country lacks the kind of experienced execs and financial support for the hub to break out of its limited boundaries.
Image: London. SHUTTERSTOCK