German vaccine pioneer BioNTech (Nasdaq: BNTX) today revealed that its UK subsidiary has signed a grant agreement with the UK government to broaden the company’s R&D activities for innovative medicines in the UK.
As part of the agreement, BioNTech is committed to investing up to £1 billion ($1.33 billion) over the next 10 years. The company said its efforts will be supported by a grant of up to £129 million for a period of 10 years by the UK government, which marks one of the largest grants of its kind in UK history for a pharmaceutical company. The grant is part of the UK government’s mission to enhance its life sciences sector and support innovative companies with the aim to unlock progress in medical science, noted BioNTech .
This will see BioNTech create two new R&D hubs, the first to be based in Cambridge, as well as an AI hub to be based at BioNTech’s planned UK headquarters in London, according to the Department for Science, Innovation & Technology.
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