The Cross-Border Biotech Blog

Biotechnology, Health and Business in Canada, the United States and Worldwide

Tag Archives: Bailout

Planned UK Bioscience Park Features “Open Innovation,” is Brought to You By GSK, the UK Government, The Wellcome Trust and the EEDA

A new biotech “hub” (aka campus, park, centre, cluster…) is being planned at GSK’s Stevenage Campus in the UK.  Whatever you call it, the organizers are pitching two novel features:

  • An “Open Innovation” model; and
  • Access to GSK management and expertise.

I’m not sure how far “open innovation” could really go, in an industry that depends on patents and compliance, but in this particular case the description from the reports on this new park sounds mostly like a good set of core facilities:

“shared access to specialist skills, equipment and expertise to stimulate new innovation in drug development”

It will be interesting to see how far the “open innovation” really goes.  It will also be interesting to see how often “access to GSK” turns into “access for GSK.”  As the Telegraph article says, the park will:

“provide the UK’s largest drug company with first-hand evidence of business projects in the biotechnology sector, which GSK could then choose to acquire.”

Why invest in this project?  The pitch to the government funders is the usual one: jobs.  Up to 1,700 jobs.  No, wait, up to 3,000 jobs!  The total funding of around £37.6m comes from the UK Strategic Investment Fund (£11.7m), GSK (£10.9m), the Wellcome Trust (£6m), the Technology Strategy Board (£5m) and the East of England Development Agency (EEDA) (£4m).

Bookmark and Share

Bailout Update: UK and Canada

Two bailout developments to report yesterday:

In the UK, the science minister Lord Drayson is championing a call by Imperial College London and the universities of Cambridge, Edinburgh and Oxford to create a £1bn fund to finance the early stages of university spin-outs:

Medical research was given as an example, but Drayson is said to be pushing for the £1bn fund to finance ideas from all areas of science and engineering.

Here in Canada, the MaRS Blog posted yesterday about BIOTECanada’s Parliamentary Quarterly (pdf), which reiterates BIOTECanada’s previous bailout asks and includes some new data on the Canadian biotech industry, as well as some information on bailouts in other jurisdictions.

I would guess that some of the support apparently being generated by the UK proposal is due to the breadth of the project, with the potential to stimulate a wide range of innovative industries.  With so many common needs and challenges among biotech, cleantech and high tech, I would like to see further collaborative efforts in Canada as well.  Hopefully the Ontario Venture Capital Fund, which appears to be set up along the lines being proposed in the UK, will invest in all three areas and create a foundation for future collaboration.

Update: for some sense of common ground, see this NY Times blog post.

Bookmark and Share

Biotech Bailout: Maryland Ask

At a news conference yesterday reported in the Washington Business Journal and picked up by BIO SmartBrief, a group in Maryland expressed their hope that Maryland’s biotech tax credit program, under which

investors receive a tax credit equal to 50 percent of the money they spend

would get the $6 million boost to $12 million initially pledged by Gov. Martin O’Malley (before the budget process), once the State receives the federal stimulus funds from the federal bill.

To qualify for the credit, the company must be based in Maryland, have fewer than 50 employees and be in business less than 10 years.

Interesting that the science funding in the stimulus bill could end up increasing even over the direct amounts via the transfers to States.

Bookmark and Share

Canada Budget Reax

Trends in 2009: Random Gloating

Remember way back Monday when we identified Comparative Effectiveness as a trend to watch in 2009? Well, here it is, showing up as part of the bailout bill. More on the bailout bill’s Bio provisions to come. AAAS is running continually updated coverage of the bill and its R&D provisions here.

Money = Jobs

As various constituencies make their arguments for bailout funding, the supporting materials have a common, unsurprising, theme: Money = Jobs.  How many jobs?  A collection of the data we’ve found after the jump:

Follow

Get every new post delivered to your Inbox.

Join 129 other followers