We’ve moved out of our offices to enable the demolition of the Southside building in Victoria street. We are currently in interim offices and our new address is BioIndustry Association, LABs, Victoria House, Bloomsbury Way, London, WC1B 4DA. We say goodbye to Southside after over 11 years... Read on for an update on the Conservative Party and Labour Party conferences, Board Elections and TechBio UK Conference.
Making his first statement as Chancellor of the Exchequer today, Kwasi Kwarteng said the UK enjoys an “unbound entrepreneurial culture” and “immense global presence in sectors like… life sciences”, but that in many areas of the economy, he said, tax and regulation is holding back growth. Read more about key announcements for life sciences in the new Plan for Growth and three priority areas for expanding the supply side of the economy.
The Chancellor of the Exchequer today announced at the mini-Budget the Long-Term Investment for Technology & Science (LIFTS) competition. This will provide up to £500 million to support new funds designed to catalyse investment from pensions schemes and other investors into the UK’s pioneering science and technology businesses, this is a direct result of the life science scale up agenda that the BIA has championed and worked closely with government on.
Yesterday the United Kingdom paid its final respects and laid to rest Queen Elizabeth II in an incredible state funeral in central London, a ceremony of which we haven’t seen in a generation and was marked and watched across the entire world. As the chapter closes on the 70 years of the Elizabethan age, I have reflected on the innovations and changes we have seen in the sector over that period and look forward to the advances the sector will make under our new King.
First exit for LifeArc Ventures, the largest investor in Ducentis, recognising the transformational potential of its science. Ducentis lead pre-clinical asset DS-234 is being developed to treat atopic dermatitis, a significantly underserved market. The agreement values Ducentis at up to $400 million, including an upfront cash payment of $16 million and Arcutis stock valued at approximately $14 million.
BoobyBiome, a female-led start-up developing a live biotherapeutic product to address the spectrum of infant gut needs, has raised £1.3 million in equity and grant funding, including backing from Discovery Park Ventures, the investment fund launched earlier this year by Discovery Park.
BIA will be striking a positive and optimistic tone for our sector this autumn to counter the doom and gloom newspaper headlines promote. Isn’t our sector amazing? BIA companies are turning incredible science into life-changing and planet-saving products and services with incredible vigour. This is what makes me incredibly optimistic for the future – where our ecosystem is central to the economic growth of the nation and the solutions to many of the challenges of our age. In this blog, I’ll focus on some of the priority areas for BIA work this autumn and my approach to them.
BIA has secured a change in pre-emption rights to allow for easier fundraising, but what are they?
An independent review of secondary capital raising in the UK has published recommendations that, if enacted, should make it much easier, quicker and cheaper for life science companies to raise capital on the public markets. The change is the direct result of the BIA’s input to the review on a pretty niche area of British company law called pre-emption rights, which cause a real headache for our members. It’s a great result to secure a change but it needs some unpacking, so I thought I’d write a blog about it. Bear with me…