UK biotech raises bumper US$2 billion, despite Brexit blues - (Channel News Asia via NewsPoints Desk)

  • The UK's biotechnology sector has raised 1.56 billion pounds in the first eight months of 2018, compared with 1.2 billion pounds for all of last year, despite anxiety in the industry about the fallout from Brexit, as reported by Channel News Asia.

  • According to UK BioIndustry Association (BIA) CEO Steve Bates, the hike was fueled by recent changes to venture capital tax incentives, as well as global investor enthusiasm for drug discoveries coming out of biotechnology laboratories.

  • BIA and Informa Pharma Intelligence published data on Friday showing that venture capital accounted for 927 million pounds of this year's tally, with initial public offerings (IPOs) adding 228 million and other public financings 408 million.

  • The news source said venture rounds included 115 million pounds raised for Orchard Therapeutics, which bought GlaxoSmithKline's rare disease gene therapy drugs, while cell therapy specialist Autolus banked 132 million pounds in an IPO.

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