Business and Trade Secretary Jonathan Reynolds has backed three new public-private investments in life sciences worth more than £1 billion, supported by almost £70 million in government grant funding.
Announced in Chancellor John Healey's Budget, the projects are part of the Modern Industrial Strategy's commitment to strengthen the UK's position as a global leader in life sciences, with research and manufacturing jobs in Greater Manchester, Oxfordshire and the East Midlands.
"A budget that shows a clear commitment to helping our incredible founders, entrepreneurs and businesses of all sizes succeed," Jonathan Reynolds said.
Three investments
Medical technology company Convatec will invest more than £500 million over the next decade in a new global research and development hub in Manchester, speeding up the evaluation of innovative products and strengthening its UK research and manufacturing.
Vertex Pharmaceuticals will invest more than £300 million in a new facility in Oxford to accelerate research into transformative medicines for people with serious diseases, while Kindeva will invest £200 million in Loughborough to expand manufacturing of respiratory medicines, including next-generation low-emission inhalers.
The headline figure combines company investment with government support rather than being wholly new public spending, and jobs will depend on the projects proceeding to plan. The announcement came on the same day as a £2.5 billion programme with Rolls-Royce to build next-generation jet engines in Britain.
