AstraZeneca Supports Alderley Park Incubation Fund

BioCity, the incubation specialist with locations in the East Midlands, North West and Scotland has announced a new investment fund, created following a significant contribution by AstraZeneca.

The £5 million fund, to be managed by BioCity will make equity investments, typically between £50,000 and £250,000, in life science companies based at Alderley Park, Cheshire. BioCity Chairman, Dr Louis Nisbet explains: “We are very pleased that AstraZeneca has chosen BioCity to manage these funds, not only to support the growth of a new generation of life science businesses at Alderley Park but also to make sound investment decisions that aim to replenish and grow this evergreen fund over time.

“We are not being restrictive in the types of companies that we will consider. We shall be agnostic with respect to business model, therapy area and technology – it could be anything from drug discovery to contract research to medical devices or diagnostics – but it does of course need to offer a compelling investment proposition. It is likely that many of the investments will be made in businesses with which the BioCity team and our advisors have worked closely, or are well known through the BioHub. Life sciences companies relocating to the area will also be considered.”

Clive Morris, AstraZeneca Vice President, Research & Development said: “We are delighted with the progress of the BioHub at Alderley Park since it was established less than a year and a half ago. It now houses over 300 individuals across around 80 life science businesses. AstraZeneca’s aim in contributing to the Fund is to support the continued and sustainable growth of the BioHub, and the long term future of Alderley Park as a ‘science for life’ park, building on AstraZeneca’s legacy of scientific innovation at the site.”