CEO Update - 10 July 2023
Today is the seminal moment in a decade when it comes to UK investment into biotech. That’s because UK defined contribution (DC) pension funds are committing to change their investment approach and focus 5% of their allocation into unlisted equities, including innovative UK growth sectors such as life sciences.
I’ve repeatedly said that whilst NASDAQ is asleep, London is waking up, and here is the proof.
It’s a significant step for the long-running campaign we’ve delivered to improve access to UK finance for innovative UK life science companies. Although it will take some time to work through the system, I believe today marks a watershed for our sector.
Read our reaction in a press release and look out for our blog tomorrow explaining it all. There is still much work to do to ensure this capital is allocated to effective investment vehicles that can support our sector at all stages of growth – so a lot done and a lot left to do, but a really positive day.
What gives me even greater confidence that this agenda is moving was the positive vibe at the Capital Markets Industry Taskforce Conference at the London Stock Exchange last Friday, which was packed with investors interested in this type of innovation.
Next stage of UK cancer vaccine trials
Hidden under the celebrations of the NHS 75th birthday was a significant agreement to deliver new cancer vaccine trials between the UK government and BioNTech, announced last week.
The aim is to provide access to 10,000 personalised treatments for patients by 2030. BioNTech plans to set up new labs in Cambridge and a new cancer vaccine launchpad led by NHS. England will help identify patients who could be eligible for trials. I’m aware there are several UK-based SMEs also keen to pioneer in this space, please contact me if you are interested in being involved.
Parliament Day
Thank you to the BIA members who enabled us to have one of our most effective Parliament Day ever last week. It was great to see the level of interest and understanding in the potential of a sector from parliamentarians from both sides of the house and there is plenty for our team to follow up in the days and weeks ahead. A real highlight was a tour of Downing Street and a meeting with Chloe Smith MP, the new Secretary of State for Science, Innovation and Technology.
Dementia drug approval
The US Food and Drug Administration's decision last Thursday to give full approval for a drug for Alzheimer’s for the first time in more than two decades is another important milestone reached. It is also an excellent case study of the role of small biotechs in innovation. The approval will provide the prism through which broader discussions around potential, risk profile, access and cost will revolve for the coming months. From a UK perspective dementia drugs may prove an early test case in reliance procedures.
Summer Party
Whatever the weather, we have plenty to be cheerful about at the BIA Summer Party on Thursday. Not only because we are at the Langham Hotel for the first time but also because pension cash has been unlocked, Silicon Valley Bank UK became HSBC Innovation in a single weekend and R&D tax credits for SMEs have been enhanced in the last six months. I look forward to seeing you there.
Steve Bates OBE
CEO, BioIndustry Association
