WIREDGOV

Speaking at the launch of the two-day Bio Wales 2012 conference at the Millennium Centre, Cardiff, Mrs Hart said the Life Sciences Wales Investment Fund will be a dedicated equity fund investing into life sciences businesses located in Wales.  

The Welsh Government is putting £25 Million into the fund immediately, to enable the Fund to make its first investments into businesses this year.

Edwina Hart said:

“This investment is one of the biggest commitments made by any country into a Fund of this type. It is a very significant commitment given the current economic environment but reflects our confidence in the fact that Wales has significant advantages in Life Sciences and our determination to push ahead immediately with getting investors in.  

“The Welsh Government is truly joined up on this initiative. Life sciences and health is a priority area for research in our Science for Wales strategy; while life sciences is one of my priority economic sectors; and there is innovative R&D throughout NHS Wales.  

“This up to £100 Million Fund will make Wales an even more attractive location for life sciences R&D, and an even better place in which to start and grow a life sciences business. It also makes it absolutely clear that Wales is now open for business in the life sciences sector.”

The Fund is designed to ensure that Life Sciences businesses can start and grow in Wales.  It will capture the commercial potential of the significant investment being made into Science R&D in Wales.  

Wales already has a promising Life Sciences sector, which is worth at least £1.3 Billion to the Welsh economy.  Investments made by the fund will enable businesses to grow faster and further by developing, for example, innovative technologies and therapies for the NHS and bring them quickly to market which could reduce costs and improve patient care. The Fund is also likely to invest in businesses conducting clinical trials in Wales.

A dedicated Investment Panel and Fund Management Team will be recruited shortly.  These will be experienced life sciences investors with a proven track record of success at an UK and global level.

The Fund complements the Welsh Government’s new science strategy ‘Science for Wales - a strategic agenda for science and innovation in Wales’ , which was launched yesterday by the First Minister and included an additional £50 Million for Science R&D in Welsh universities over the next five years.  The Welsh Government also invests over £40 Million in NHS Wales R&D every year.  The Fund will ensure that commercial outcomes from this R&D investment are retained in Wales.

BioWales is the flagship Life Sciences event for Wales, which celebrates its tenth anniversary this year. It is expected to have twice as many delegates as last year’s event, with well over 500 people attending.