CEO Update - 28 July 2025
Stepping down as CEO, joining HMG
Thank you to so many of you who have reached out with kind words following my announcement last week that I am stepping down as BIA CEO after more than twelve years leading the organisation to take a newly created role as the Executive Chair of the Office of Life Sciences for the UK Government.
Campaigns to support R&D tax credits, Innovate UK, the UK’s science budget, and our partnerships with AMRC charities are enduring legacies of my time at this dynamic and successful association, and I’m deeply proud of what we have all achieved together.
Steve Bates OBE
CEO, BIA
I’m looking forward to taking up my new role in the autumn, where I’ll continue to work closely with industry partners to help deliver on the UK’s ambition to become a life sciences superpower, driving innovation and attracting investment.
In my new position, I plan to continue to play for 'Team UK Life Sciences', albeit from a different position on the pitch. The UK has the talent, infrastructure, and research excellence to lead the world in this space, and I look forward to continuing to support this mission in a new capacity.
Given where I am going for my new role, it’s no longer appropriate for me to discuss government policy in this blog, but I will continue to write about other aspects of the Association’s work (such as events, communities, and celebrations of company milestones) through September.
To ensure members receive the insight and analysis on governmental matters, the BIA will be publishing a series of blogs over the summer focusing on key policy documents. This week, Dr Martin Turner, Director of Policy and External Affairs at BIA, has authored a new blog where he reflects on the long-anticipated Life Sciences Sector Plan and explores its implications for scaling the UK’s vibrant biotech sector.New quarterly finance report published today
We are publishing new data on sector financing today. Despite a challenging global investment climate, UK biotech has held its ground in the first half of 2025, attracting £1.23 billion in venture capital and reinforcing its position as Europe's leading life sciences hub. The year began with a record-breaking £881 million in funding, powered by two transformative deals: £449 million for Isomorphic Labs and £327 million for Verdiva Bio.
While the second quarter reflected a broader global slowdown, with VC investment easing to £344 million, it still demonstrated the sector’s underlying strength, with standout raises from Draig Therapeutics (£107 million) and CellCentric (£90.3 million). Notably, CellCentric’s round included the first-ever biotech investment from Schroders’ UK Innovation Long-Term Asset Fund (LTAF), a moment of real significance for the UK’s efforts to unlock institutional capital for scaling firms.
Companies like Draig and CellCentric securing substantial funding is clear evidence of the international confidence in the UK’s innovation base, while MSD’s £10 billion acquisition of Verona Pharma shows the value global players see in UK-derived world-leading innovation.
New roles available at BIA
Finally, if, like me, you are looking for a new challenge in the autumn, there’s a chance to join the great team at BIA. We are looking to appoint two new members of staff: a Membership and Business Development Executive and an Events Manager. Do apply or share the opportunity if there is anyone in your network who would be suited to either of these positions.
I’m now away for a couple of weeks, but will return with a CEO update in September. In the meantime, you’ll get to hear more from other members of the BIA team over the coming weeks.
All the best,
Steve
