The UK’s universities and science minister David Willetts has unveiled a £93.2m ($141.6m) package designed to boost the country’s life sciences sector.
The funding includes a £29.3m chunk to be directly invested into innovative life sciences firms, including university spin-outs.
Other parts of the package include £25.9m which forms Round 3 of the UK’s Biomedical Catalyst initiative, which supports 29 firms and five universities, and a further £38m to support the construction of the National Biologics Manufacturing Centre.
David Willetts said: “By investing in new technologies now we are maintaining the UK’s position as a world leader for innovation. The biomedical industry is a fast moving, high growth sector and the Catalyst has proven to be extremely successful in supporting new business ideas. This investment further drives forward our life sciences strategy.”