RE: Mark Kleinman ...23 Mar 2021 18:19
Good find Dave.
For those who aren’t subscribed to FT:
“UK ministers are in talks with a United Arab Emirates sovereign wealth fund to back a new national investment programme worth hundreds of millions of pounds to “turbo charge” the British life sciences industry, according to officials and bankers with knowledge of the situation.
A proposal to launch a new public-private investment fund to back fast-growing businesses in biotech and life sciences is being finalised by Rishi Sunak, the chancellor. It could be announced as early as the Budget on March 3 as the government looks to set out plans for post-pandemic economic growth.
The importance of having national champions in medicines and biotech has also been shown during the pandemic, according to officials, with the UK ahead of other nations in developing, manufacturing and approving vaccines for Covid-19.
The government would commit £200m to the fund, called the Life Sciences Investment Programme. It would then be matched with up to £400m in external financing to either invest in companies directly or through existing biotech funds run by specialist managers.
In what would be an unusual bilateral tie-up for the UK, government officials have been in talks with Mubadala, a $232bn state-owned investment company, said several people close to the process, as they seek Gulf-based sovereign wealth to provide funding. This would allow them to increase the size of the fund substantially, according to banking sources.
One added that the project was being managed by Khaldoon Al Mubarak, chief executive of Mubadala and a point man for handling Abu Dhabi’s relations with the UK.
The talks with the sovereign wealth fund have progressed to an advanced stage, said people familiar with the situation, although they cautioned there was no guarantee that any deal would be agreed.”