Investors keen to capitalise on British science have poured nearly £50m into a new venture capital fund.
Epidarex, a specialist life science venture capital group, will on Thursday unveil a new £47.5m fund dedicated to UK start-ups, including university spin-outs.
Backers include US drug giant Eli Lilly as well as King’s College London and other major research universities. It has also attracted investment from the EU’s European Investment Fund, Scottish Enterprise and Strathclyde Pension Fund.
Elaine Sullivan, vice-president of global external research and development at Lilly, said the US drugmaker’s investment, its first in a UK venture capital fund, underlined its belief in Britain as a scientific powerhouse.
“This investment reflects Lilly’s strong belief in the excellence of life science research and development in the UK and will complement our own R&D and existing academic partnerships,” she said.