A new report released by the UK BioIndustry Association (BIA) shows that the UK maintained its strong leadership position in European biotech funding last year and has the strongest pipeline in Europe for future drug development.
BIA report showed that the UK is in a strong position to close the gap on the leading life sciences clusters in Boston and San Francisco and maintain its lead in Europe, providing current momentum can be maintained.
Despite a challenging year of financial uncertainty with Brexit and the US election leading to markets cooling across the globe in 2016, UK companies worked harder than ever to secure the funding that they needed.In 2016 for UK biotech, there was robust investment from venture capital funds, seven Initial Public Offerings (IPO) for UK listed companies and many companies returned for follow-on funding’s on the Alternative Investment Market.
BIA CEO Steve Bates, OBE said: “The UK continues to be the strongest performer in Europe and it continues to build towards becoming the third global biotech cluster. This is down to the excellent science produced by our entrepreneurial and resilient community that is staffed by great management teams with the capability to tackle the challenges of working in a global environment.”