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.