Bailout for British biotech?

Twenty-two leaders from the British biotech sector pleaded for a government bailout yesterday (Dec. 4) to save the industry's "survival and future viability" in the face of the global financial crisis. The dossier sent to the UK government called for two funds, each worth over £500 ($730) million. One would help smaller companies consolidate, with grants between £10 ($14.6) to £40 ($58) million; the other would give biotechs up to £100 ($146) million to fund acquisitions an

Elie Dolgin
Dec 4, 2008
Twenty-two leaders from the British biotech sector pleaded for a government bailout yesterday (Dec. 4) to save the industry's "survival and future viability" in the face of the global financial crisis. The dossier sent to the UK government called for two funds, each worth over £500 ($730) million. One would help smaller companies consolidate, with grants between £10 ($14.6) to £40 ($58) million; the other would give biotechs up to £100 ($146) million to fund acquisitions and clinical trials. Under the proposal, the private sector would pony up half the money, with the public picking up the rest of the tab. "If the government does not do something soon a host of companies will fail," said linkurl:Christopher Evans,;http://news.bbc.co.uk/2/hi/business/5366858.stm the founder of the medical sciences investment house Excalibur who led the petition, according to the__ linkurl:Times.;http://business.timesonline.co.uk/tol/business/industry_sectors/health/article5289523.ece
**Related stories:__***linkurl:Positive biotech outlook in UK;http://www.the-scientist.com/article/display/22216/
[7th June 2004]*linkurl:Brits on the brink of bankruptcy?;http://www.the-scientist.com/article/display/8482/
[30th...

Interested in reading more?

Become a Member of

Receive full access to more than 35 years of archives, as well as TS Digest, digital editions of The Scientist, feature stories, and much more!
Already a member?