BIA update – 24 November 2025
London Life Sciences Week was a huge success last week, with significant increase in investors and life sciences execs coming together to connect and network. Combined with the news of two new significant fund raises from Sofinnova and Medicxi and progress towards completion of the British Growth Partnership Fund, it did feel that the sector found a lot to be hopeful about.
This week is all about bioprocess and Budget – as we will simultaneously be hosting 300 delegates at our annual bioProcessUK conference in Newcastle (Tuesday to Thursday) – and Rachel Reeves will outline her Autumn Budget.
Jane Wall
Managing Director, BIA
London Life Sciences Week: a huge success
London Life Sciences Week was a huge success last week, with significant increase in investors and life sciences execs coming together to connect and network. With 80+ fringe events listed on the website, for BIA the highlights included the Sunday night ‘Welcome to London’ Reception at Somerset House, the No. 10 Downing Street reception and opportunity to amplify our messages to Liz Kendall, Secretary of State for Science and Technology, Lord Stockwood, Minister for Investment, and Zubir Ahmed, Minister for Health, the International Investor Summit and CEO and Investor Reception – both at Victoria House.
The BIA team have tried to capture some of the highlights, but with so much going on, it was a real editorial challenge! Read our LinkedIn article for a BIA summary of the week.
Unlocking pension capital
In positive news, the British Business Bank (BBB) has announced significant progress on its British Growth Partnership (BGP) Fund I. The BBB is now on track to close the initial fund with £200 million committed by the end of the financial year, thanks to partnerships with major pension providers Aegon UK, NatWest Cushon, and M&G.
This is precisely the kind of institutional support we have been campaigning for to mobilise patient capital into high-growth sectors. As Louis Taylor, CEO of the BBB, alluded to at the International Investor Summit last week at Victoria House, this initiative is a direct response to the Mansion House Compact.
Crucially for our members, we expect that approximately one-third of this initial £200 million commitment should flow directly into the life sciences sector, providing essential growth-stage capital for our pioneering companies. This is a monumental step toward cementing the UK's position as a hub for scaling innovation.
Sofinnova raises a new fund
The investment landscape remained a key focus throughout LLSW, underscored by the fantastic news that the BBB has committed €30 million to BIA member Sofinnova Partners' new €650 million ($750 million) fund, Sofinnova Capital XI. This major commitment reinforces the BBB's support for the UK's Life Sciences Sector Plan and is specifically aimed at creating deeper pools of capital for high-potential companies.
Sofinnova Capital XI will back a new generation of pioneering biopharmaceutical and medical technology companies, providing crucial funding at the all-important growth stage and ensuring that UK innovators can access the capital needed to translate discovery into patient treatments.
Budget week
Ahead of the Autumn Budget this Wednesday, BIA’s policy team has been putting the value of the UK’s life sciences sector at the forefront of government. We wrote a letter to Chancellor Rachel Reeves urging the government not to raise taxes or business rates on innovative companies and their research and development facilities.
The letter again underscored the importance of committing to long-term investment in growth as opposed to short-term cost savings that put our most valuable and highest-potential sectors at risk – including life sciences. The letter itself included over 200 signatures from leaders across UK life sciences and biotech and received significant coverage from The Times on more than one occasion. This collective effort strengthened our case ahead of the Budget and laid out the groundwork for our continued engagement with Government in the weeks ahead.
BIA has been pushing the message consistently through various forums. Our Director of Policy and External Affairs, Martin Turner, gave evidence at a House of Lords Select Committee, repeating our central plea to the Chancellor not to raise taxes or business rates on innovative companies and their R&D facilities. He also relayed our key policy asks: the accelerated delivery of IUK and BBB funds, the enhancement of R&D tax reliefs, and increased access to finance via the Mansion House Accord.
A big thank you to Kit Malthouse MP, Chair of the All-Party Parliamentary Group on Life Sciences, who raised a question in Parliament pressing for “specific, ambitious and vigorous” action from the Treasury ahead of the Autumn Budget.
In response, Health Secretary Liz Kendall responded:
There is no route to future growth in this country without science and technology, particularly with life sciences at the core.
A message she reiterated at the No. 10 reception for London Life Sciences Week. We read this as an indication of Government’s continued commitment to support the sector.
Sustainable Medicines Manufacturing investment
During London Life Sciences Week, the Government announced a renewed commitment to UK life sciences, including £54 million of investment through the Sustainable Medicines Manufacturing Innovation Programme (SMMIP). A flagship recipient of this funding is a £9.9 million project led by the UK National Nuclear Laboratory (UKNNL) and Medicines Discovery Catapult (MDC).
This pioneering collaboration aims to unlock the UK's potential in next-generation precision cancer care by developing Targeted Alpha Therapies (TATs) using Lead-212, a radionuclide derived from recycled nuclear fuel. This sustainable, UK-sovereign source of Lead-212 promises to offer hope to patients with hard-to-treat cancers by precisely targeting and destroying malignant cells, demonstrating the power of partnership between our nuclear expertise and the life sciences sector to strengthen domestic supply chain resilience and cement the UK’s position as a global leader in innovative medicine manufacturing.
Final call: 22nd annual bioProcessUK conference
We can’t wait for bioProcessUK – kicking off tomorrow evening in Newcastle and focusing on domestic resilience and manufacturing excellence. Following the significant SMMIP investment announcements highlighted above, this event is essential for bridging the gap between scientific discovery and industrial-scale production.
Join industry leaders, academics, and policymakers to deep dive into the bioprocessing and domestic supply chain strategies needed to secure the UK's long-term access to medicines and cement our status as a manufacturing hub for advanced therapies. The BIA team will be there in force, and we're eager to catch up with as many of you as possible. If you are planning on joining us and haven't booked yet, get in touch ASAP. Only a handful of tickets remaining!
