UK ministers are in talks with a United Arab Emirates sovereign wealth fund to back a new national investment programme worth hundreds of millions of pounds to “turbo charge” the British life sciences industry, according to officials and bankers with knowledge of the situation.
A proposal to launch a new public-private investment fund to back fast-growing businesses in biotech and life sciences is being finalised by Rishi Sunak, the chancellor. It could be announced as early as the Budget on March 3 as the government looks to set out plans for post-pandemic economic growth.
The importance of having national champions in medicines and biotech has also been shown during the pandemic, according to officials, with the UK ahead of other nations in developing, manufacturing and approving vaccines for Covid-19.
The government would commit £200m to the fund, called the Life Sciences Investment Programme. It would then be matched with up to £400m in external financing to either invest in companies directly or through existing biotech funds run by specialist managers.
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