CEO Update | 13 March 2023

What a weekend. The strategic risk to our sector resulting from the run on Silicon Valley Bank (SVB) has been averted. HSBC has come in to buy SVB UK and we now have a major UK bank supporting our growing industry for the years ahead.

Thank you to all who have worked so hard to get us to this point, and for the engagement, insight and trust our members had in the BIA.

Without you sharing the size of the problem, I don’t think we could have made such a convincing case to the UK government for such a strategic intervention.

It’s been a rollercoaster and I’ll need some time to assimilate. I hope to write a fuller story on this in the weeks ahead.

See our initial statement on this matter, the statement from the HM Treasury and Bank of England and from HSBC.

Media reports worth a look are below. 

I’m sure many of you will never forget this weekend and how close to disaster we all sailed. Do share your thanks and tales of relief (and what you continue to do) with partners and stakeholders as we go forward.

Onward now to the Spring Budget on Wednesday, R&D tax credits and VPAS.

Steve Bates Headshot.png

 

 

Steve Bates OBE
CEO, BioIndustry Association

More news and updates

Macomics expands in Edinburgh, appoints Professor Paul Crocker to SAB

Macomics Ltd, a leader in macrophage drug discovery, continues its growth trajectory with expansion in Edinburgh into dedicated facilities within the Roslin Innovation Centre.

Evotec opens new state-of-the-art biology facility on Dorothy Crowfoot Hodgkin Campus

Evotec SE today celebrated the Grand Opening of a new facility, Building 95 (“B95”), on the Company’s Dorothy Crowfoot Hodgkin Campus at Milton Park.

MicrofluidX welcomes new board members and scientific advisor

MicrofluidX, a UK-based developer of technologies that streamline the development and deployment of cell and gene therapies, today announces the appointment of two new board members and an additional scientific advisor to support the company.

Eagle Genomics raises over £20 million and appoints new leadership

Eagle Genomics is pleased to announce it has raised additional financing of £3 million (USD $4 million) to further deploy its pioneering software platform that enables corporate customers to explore and monetise on microbiome-related research.

Laverock Therapeutics raises £13.5 million to develop gene silencing platform

Laverock Therapeutics announces it has expanded its seed funding round to £13.5 million, led by Calculus Capital with additional participation by Eli Lilly and Company, Mercia Ventures, Maven Capital Partners, Eos, UK Innovation & Science Seed Fund and Tekfen Ventures.

Dispatches from the party conferences – Liberal Democrats

In this first instalment of dispatches by the BIA team attending the conferences, Dr. Martin Turner, BIA's Head of Policy and Public Affairs, reports on what he’s heard from the Liberal Democrats.

More within