Mayor of London proposes £10 billion emerging biotech companies fund to invigorate British capital

26 June 2015

The Mayor of London, Boris Johnson, has proposed a £10 billion ($15.7 billion) fund for emerging health care companies to encourage the British capital to rival biotech clusters in the USA.

The scheme was discussed on Thursday June 25 with banks, Eli Lilly (NYSE: LLY) and Pfizer (NYSE: PFE), and follows efforts by fund manager Neil Woodford to invest in UK companies with high growth potential by establishing the Woodford Patient Capital Trust.

The new biotech fund would be made up of a mix of debt and equity finance, while a fund created by the EU and European Investment bank to make over $26.9 billion available over the next seven years could also be employed.

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