US-based fund to invest $1 billion in UK biotech - (Financial Times via NewsPoints Desk)

  • A US based investment fund is aiming to invest as much as $1 billion to create a large biotech company in the UK, Financial Times reported Monday.

  • The investor is expected to move a large part of its operations to the UK as part of a "sector deal" between the pharmaceutical industry and the UK government.

  • The UK life sciences industry has been seeking to identify strategies for UK biotech firms to raise sufficient capital without being acquired by larger companies outside the country.

  • "I've seen the biotech sector in the UK stutter for 35 years and produce lots of innovative ideas, none of which have been scaled to be a real company…that hasn't been bought by somebody else, commented John Bell, architect of the strategy.

  • "Every so often you want to pop a Genentech out of the system which then goes on to change the world," Bell added, citing the biotech firm that was acquired by Roche

  • The deal will also highlight investment commitments from UK companies such as GlaxoSmithKline.

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