Flagship BioQuarter receives £24 million funding injection

Scotland’s flagship Edinburgh BioQuarter project has received a £24 million injection of funding to further accelerate growth in the flourishing life sciences sector.

The news comes after the UK government confirmed that Scottish Enterprise has secured £12 million of UK Strategic Investment Fund support towards the cost of a commercial facility at the BioQuarter.  This will be matched with £12 million of Scottish Enterprise funds.

The specialist three storey building will open its doors in 2012 and become home to some of Scotland’s most promising and ambitious life sciences firms.  It will also further strengthen the BioQuarter’s position as an internationally competitive location for biomedical research and development.

BioQuarter partners, Scottish Enterprise, Alexandria Real Estate Equities Inc, the University of Edinburgh, NHS Lothian and the City of Edinburgh Council, have developed the BioQuarter proposition as an unrivalled location for translating medical discovery into clinical products whilst delivering significant economic impact. 

It combines an internationally renowned university and medical school, a 900 bed hospital with a world class clinical trials centre, and a commercial research campus that will house some of the world’s leading biotech companies.

In total the long term implementation and delivery of the whole BioQuarter initiative is expected to have a net gross value add impact of £327million over a 25 year period.

Lena Wilson, chief executive, Scottish Enterprise, said, “This injection of funding is a very welcome boost for the BioQuarter and the life sciences sector in Scotland as a whole.  The BioQuarter is one of the largest projects of its type in Europe and this funding will allow the partners to cement Scotland’s position as one of the most dynamic locations for life sciences globally.”

Finance Secretary John Swinney said: “Life Sciences is a key sector of the Scottish economy, with huge potential for contributing to Scotland’s economic growth.  That is why the Scottish Government and Scottish Enterprise have supported it strongly, investing in support for life sciences companies, and in the infrastructure they need to develop new drugs and technologies in collaboration with our world class university medical schools.  The Edinburgh Bio-Quarter initiative is a key part of that infrastructure, and this announcement of funding for a Bio-Incubator is hugely significant for the future success, not only of the Bio-Quarter, but of life sciences right across Scotland.”

Scottish Secretary, Jim Murphy said: "This is a massive boost for the economy in Edinburgh, Scotland and the whole UK.

"Our life science sector is a vital part of a rebalanced economy producing long term sustainable and resilient growth. It’s also an area where Scotland has a real edge. Today’s funding will help create the high value industries and jobs of the future, while attracting further private investment."

Scotland’s thriving life sciences sector adds over £3 billion to the Scottish economy annually.  The sector in Scotland is internationally recognised in areas such as translational medicine, reproductive biology, diabetes, oncology, stem cells and infectious diseases.

Globally, the industry (including pharmaceuticals and biotechnology) is expected to be currently worth £801 billion; an increase of more than 45 per cent since 2007.