£102 Million Fund Announced For Emerging Life Sciences Firms
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Epidarex Capital, an international finance firm, has announced that it has raised £102 million for a fund to back emerging life sciences firms in the UK.
Insider reported that £50 million of the funding has come from the government, through the British Business Bank, with the remainder being provided by several universities, as well as the Strathclyde Pension Fund and several global investors.
The universities of Edinburgh, Aberdeen, Manchester and Glasgow have contributed to the fund, which will be used to support the growth of university spinouts and other new life sciences companies.
Sinclair Dunlop, managing partner at Epidarex Capital, commented: “Epidarex can now significantly expand and support its portfolio of UK life science startups with the potential to both transform patient outcomes and generate competitive investor returns.”
The fund will provide between £2 million and £5 million of initial investment for various life sciences companies within the UK.
Chief executive of the UK BioIndustry Association (BIA) Steve Bates told the news provider that Epidarex’s decision to be based in Edinburgh is an exciting opportunity to broaden investment in the country’s life sciences industry outside the south-east.
“Accessing world-class life science venture expertise is key to creating and scaling successful innovative UK life sciences companies,” he asserted.
Last month, the government launched its £500 million Futures Fund, which is designed to support high-growth and innovative businesses in the country to secure the investment they need during the Covid-19 pandemic.
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