The latest Business updates from the science industry
by Heather Hobbs Sovereign Investment Partnership to boost UK Life Sciences Sector
Over a fi ve-year period, the SIP will invest across several tech and innovation-led sectors such as energy transition and infrastructure that will support job creation in both nations, strengthen national research and development capabilities and develop new areas of investment collaboration.
UK International Trade Secretary Liz Truss said: “The UAE is an important trading partner for the UK and home to some of the world’s largest and most experienced investment companies. It’s fantastic that we are collaborating more closely in the industries of tomorrow like science, tech and green growth, so we can build back better and deliver an investment- led, jobs-led recovery from coronavirus.
A long-term UAE-UK Sovereign Investment Partnership (SIP) agreement that will initially see investment of £1 billion in British life science companies has been announced by The Department for International Trade and the Prime Minister’s Offi ce’s recently-established UK Offi ce for Investment (OfI) and Abu Dhabi’s Mubadala Investment Company, one of the world’s leading sovereign investors.
The signing, the fi rst agreement of its kind for the UK and the OfI, will deepen existing UK-UAE trade and investment ties which were worth £32 billion in 2019.
The £800 million commitment from Mubadala, alongside the UK’s £200 million Life Sciences Investment Programme announced last year, will enable UK life sciences businesses to scale and grow, with both OfI and Mubadala working together to identify commercially viable opportunities for attracting further investment into the sector.
The UK life sciences industry which generates £80 billion turnover a year within the UK and employs more than 250,000 people, is expected to benefi t from stronger links in life sciences research, education and closer ties between the UAE and UK.
“This is a major win for the Offi ce for Investment and shows how the UK is an investment destination of choice. From Liverpool and Edinburgh to Oxford and Nottingham, our world class life sciences clusters and innovative businesses will see the benefi ts of this partnership.”
Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO of Mubadala commented: The UAE and UK are aligned on the importance of global action on critical
priorities such as healthcare
innovation and delivery, climate change and the sustainable growth of high-skilled industries.
“Coordination on investment and global innovation ecosystems is vital to enabling progress against these challenges and presents a signifi cant post-COVID economic opportunity for the UK and UAE.
Mubadala is already a long-term investor in UK innovation and growth, and our new partnership now provides a platform to allocate stable capital to priority sectors as part of a future-focused investment relationship.”
More information online:
ilmt.co/PL/EJ1R 54947pr@reply-direct.com
Acquisition maintains Focus on Medical Devices The Ulkox® and Oleoabrax® products, based on an Olea Europaea leaf extract
wound-healing technology, have been acquired by Noventure, specialised in licensing medical devices and food supplements. The medical devices were originally developed by Spanish companies Quesper R&D, and Orpea Ibérica, together with the Andalusian Health Service (Servicio Andaluz de Salud, SAS).
Luciano Conde, CEO of Noventure, said: “This agreement will enable us to keep shaping innovative science assets and bring them to markets around the world, and to take steps towards becoming a key player in medical devices for topical applications. This is only the beginning; we have many innovative products that we will be able to bring to patients, thanks to this patented new technology.”
Ulkox and Oleoabrax, the fi rst Olea Europaea-based products for Noventure, are already available for licensing. Certifi ed as Class IIb medical devices, they are indicated for healing skin wounds of full or partial thickness. As amorphous hydrogels, they protect the affected area from infection and boost healing based on four properties: the protective barrier, skin hydration, pH control and oxygen radical scavenging effect.
More information online:
ilmt.co/PL/GEo0 55177pr@reply-direct.com
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