Biotech venture capital firms across Europe have warmly received the launch of a €235M (£200M) UK government initiative to support the growth of promising late-stage life sciences companies.
The UK’s Life Sciences Investment Programme opened to applications from fund managers this month, with the aim of providing €235M in late-stage capital and attracting at least €469M (£400M) more in private investment.
The program sets out to compensate for the scarcity of science-focused venture capital (VC) and other funds in the UK that support late-stage companies, broadly defined as those raising a Series B and later.
Funding will be made through British Patient Capital (BPC) – the commercial arm of the government-owned British Business Bank that invests in venture and growth equity. The bank intends to contribute between €59M (£50M) and €117M (£100M) to funds with a minimum target size of €293M (£250M), providing up to 33% of the total commitment alongside private investors.
In addition, the Life Sciences Investment Programme expects to channel investments from the United Arab Emirates’
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