BIA update: celebrating investment, international collaboration and Life Sciences Sector Plan: One Year On

In this update:

• Scale-up capital and the British Business Bank’s £25 million investment in Alchemab Therapeutics
• Life Sciences Sector Plan: One Year On
• Building regulatory and trade links: Belfast, BIO, MHRA and Switzerland-UK FTA
• Celebrating UK biotech success at Women in Biotech Canary Wharf
• BIA members lounge during London Life Sciences Week

It has been another significant week for UK life sciences, with Government, investors and industry all focused on the same fundamental question: how do we ensure brilliant UK science has the capital, regulatory environment, global partnerships and community support it needs to scale here?

The British Business Bank has made its largest direct investment in a life sciences company to date, backing Alchemab Therapeutics with £25 million as part of its Series A extension. Government has also published its Life Sciences Sector Plan: One Year On update, pointing to more than £3 billion of public-private investment attracted in the last 12 months, progress on clinical trials set-up times and a renewed focus on the jobs and skills our sector will need by 2035. It was also great to see Secretary of State for Science, Innovation and Technology, Liz Kendall MP, visiting BIA members Bicycle Therapeutics.

Alongside this momentum, BIA has been out with members and partners in Belfast discussing cross-border collaboration with BIO, NI government agencies, HIRANI, BBB and MHRA and at Women in Biotech in Canary Wharf.

Scale-up capital: British Business Bank backs Alchemab Therapeutics

The British Business Bank’s £25 million investment in Alchemab Therapeutics is important not just because of its size, but because of the signal it sends. It is the Bank’s largest direct investment in a life sciences company to date and forms part of Alchemab’s Series A extension, taking the round to £109 million.

Alchemab is a great example of UK biotech that we need to see scale: a clinical-stage company founded in 2019, applying deep sequencing, advanced AI and laboratory validation to uncover new biological insights and generate first- and best-in-class drug candidates.

The UK has the science, entrepreneurial talent and world-leading ecosystem to build globally significant biotech companies, but we must keep strengthening the capital environment so those companies can grow, employ and commercialise here in the UK.

Life Sciences Sector Plan: One Year On

The Department for Science, Innovation and Technology has published the Life Sciences Sector Plan: One Year On update, complete with a detailed look at progress so far. The plan provides the alignment and momentum required to turn our strengths into economic growth and better outcomes for innovators, patients and the UK. Government shares the sector’s ambition: start here, scale here and serve the world from here.

Pace is paramount and we need now need a change of gear upwards to deliver the objectives. Our message to future Government is clear: the plan is good; we now need continuity and commitment to deliver it.

Attracting global talent: Life Sciences Jobs Plan

Alongside came the publication of the Life Sciences Jobs Plan. BIA members have had input into the plan which puts skills and talent at the heart of UK biotech growth. From lab skills to AI, manufacturing and leadership, the plan has been built with industry insight and focused on turning ambition into action. We will continue to push for simplification of the system, further support and resources and a focus on the UK’s attractiveness to top international talent.

Building international collaboration: in Belfast with BIO and MHRA and the Swiss-UK FTA

BIA was back in Belfast last week alongside with BIO, MHRA, HIRANI, Northern Irish government agencies and companies. The glorious setting of a sunny Stormont provided a great opportunity to showcase the innovation ecosystem of Northern Ireland, with world-class universities, high-quality clinical trials set-ups, an enviable connected data system, strengths in digital and diagnostics, great entrepreneurship, cost efficiency, stable workforce and high quality of life. All this interconnected with the broader strengths of the UK ecosystem. The event also highlighted the key role Northern Ireland can play in its unique dual market access position and strong transatlantic diaspora.

We also welcome the Switzerland-UK free trade agreement (FTA), estimated to unlock £5.2 billion a year in additional UK services exports to Switzerland in the long run. The agreement strengthens the UK and Switzerland’s standing and cements our international leadership in life sciences. This FTA sets a global standard, making the UK and Switzerland more attractive places for innovation and research, ultimately benefitting patients and innovators in both countries and around the world.

Celebrating UK biotech success: Myricx Bio and Women in Biotech Canary Wharf

At Women in Biotech in Canary Wharf, it was brilliant to see the energy in the room and the strength of the community that continues to grow around the programme.

Thank you to our wonderful panel for an honest and insightful discussion around building relationships with investors and the role of the CFO.

It was also a special opportunity to congratulate Julie Mead, COO/CFO of Myricx Bio, in person, following the news that Novartis has agreed to acquire the company for up to $1.5 billion, including $1.1 billion upfront and potential milestone payments.

BIA members lounge during London Life Sciences Week

London Life Sciences Week is a key moment in the calendar for investors, founders, policymakers and global life sciences leaders. With more than 70 events across the week, we want to make sure BIA members have a dedicated space to meet, work and connect while they are in London.

We are giving our members access to the BIA Members Lounge at the historic Victoria House, Bloomsbury Square. Email [email protected] to reserve a place in the lounge. Please include you and your guest’s name, job title, company and date/time of arrival. Places must be reserved to allow entrance to the building.