Banks, investors and big drug companies should consider creating a 10-billion-pound ($15.7 billion) “megafund” to help biotech firms in London and across Britain compete with U.S. rivals, London mayor Boris Johnson said on Thursday.
Britain is a leader in academic scientific work and also home to two of the world’s top drugmakers - GlaxoSmithKline and AstraZeneca - yet emerging life science companies often find it difficult to secure funding.
The suggested new pool of debt and equity finance is designed to help plug that gap and is one of a number of ideas being floated at a conference in London bringing together leading figures in industry, finance and research.
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