CEO Update | 20 March 2023

Spring Budget

The Budget last week had major wins for BIA members including changes to R&D tax credits rates for loss-making SMEs. Read our press release and Martin’s analysis blog. This is a major, major win for a BIA campaign and wouldn’t have happened without member engagement and perseverance. Many thanks to all who helped – this non dilutive government co-investment will make all the difference as you crowd in private sector investment.

PULSE

It was great to meet this year's cohort of PULSE participants at The Crick this morning. This fantastic programme is now in its sixth year and for me it’s a real pleasure to see what alumni have gone on to do in our ecosystem and the enthusiasm and new ideas this year's community brings. It’s the BIA's aim to contribute to a vibrant ecosystem of innovation courses that are available across the UK, our Innovation map is a good place to look if you are seeking to expand your entrepreneurial skills in life sciences.

Keir Starmer MP visits RoslinCT

Labour Leader of the Opposition Keir Starmer MP visited BIA member RoslinCT in Edinburgh last week  - take a look at these great pictures. He had the chance to see their new state-of-the-art manufacturing facility in the BioQuarter and was joined by Jackie Baillie MSP, Deputy Leader of the Scottish Labour Party. They were hosted by RoslinCT Chairman and BIA Board member Ian McCubbin CBE.

HSBC's takeover

I’m still assessing what the full implications of HSBC’s takeover of SVB UK mean for our ecosystem (hard to believe it was only 1 week ago), alongside the American rescue package for depositors of parent bank SVB and the news this weekend that Credit Suisse will be taken over by UBS. What’s clear is that last week was far more business as usual for UK life sciences than many had feared just a week or so ago. I’m keen to get member insight and feedback on this. I am convinced that the BIA played a pivotal role at a pivotal moment for our sector. More in coming weeks.

The turmoil didn’t prevent one of the largest M&A deals in our sector as Pfizer took over Seagen in a deal worth $40Billion – showing the continued value of antibody drug conjugates.

I’m looking forward to seeing many of you at our next event in Oxford next week where we’ll hear some of the M&A success stories closer to home.

Have a great week.

Steve Bates OBE
CEO
BioIndustry Association (BIA)

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