Patient Capital Program for Start-ups of £2.5 Billion Created by U.K.
June 15, 2018
Source: Fierce Biotech
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In an innovative push to help biotech start-ups in Britain become independent medium-sized enterprises, the U.K. set up a £2.5 billion patient capital program.
This comes in response to the fact that one of the primary reasons U.K. based biotech start-ups are struggling to grow due to difficulties in accessing funds. The British Business Bank thus set up the patient capital program to help with the growth of not only biotech start-ups but also high-growth enterprises in various other sectors. The Bank estimates that it could reap investments to the worth of £7.5 billion in conjunction with the private sector.
Currently, however, £400 million of approved and existing commitments is being transferred in order to jumpstart the program.
The hopes for the fund in the biotech sector have been raised due to the cash involved, the focus on life sciences and nonexecutive director, Russ Cummings, former CEO Touchstone Innovations.
Steve Bates, CEO of BIA said “Through leveraging a further £5 billion private investment, the fund can now create a step-change in the availability of funding to help U.K. life science members to scale and reach their global ambitions.”
By Ddu
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