2016 was another great year for Scottish Life Sciences. Investment was strong and steady - with notable foreign acquisitions, a rich stream of new products emerged, and Scotland continued to impress in international markets. Here are a few of the highlights.
So far this year, it looks like in excess of £30 million has been invested in the sector. Clearly, Scotland remains a good place to access risk capital with the most active business angel network in the UK, a dedicated £47 million life science VC fund and co-investment from our friends at the Scottish Investment Bank.
So, who’s been in the money? Key deals included Vascular Flow Technologies , Fios Genomics, Mironid, Cellucomp, Nodthera, Snap40, Fixed Phage, Arrayjet, Axis Shield and Ryboquin.
It happened last year, and it continued in 2016. A number of Scottish companies were acquired by international investors. Touch Bionics by Icelandic prosthetics specialist Ossur. Toshiba Medical systems by Canon. And, Virttu Biologics are on their way to be bought by TNK Therapeutics.
Besides the great returns for shareholders, this activity illustrates the real quality and attractiveness of Scotland as a leading location to build a thriving life sciences business. And it’s always a pleasure to welcome these investors to the Scottish life sciences ‘family’.
The international companies that are here are doing a very familiar thing. Expanding their presence. We reckon on a total figure of around £300 million has been invested over the past three years. Most recently, a good example is the £110 million announced by GSK that will be going into their Montrose facility. Other welcome expansions have come from names like Johnson Matthey, BASF and LifeScan Scotland.
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We were very happy to welcome Dexcom to Scotland as they set up their European HQ in Edinburgh, as well as Janssen Pharmaceuticals Inc at the Edinburgh BioQuarter. They're establishing the Centre for Dementia Prevention. ReproCELL were another new arrival, creating its European HQ in Glasgow, having acquired Biopta last year.
And we shouldn’t forget the local players who have been on a growth path too. Roslin Cells, E&O Labs and Omega Diagnostics are all excellent examples.
It has become common knowledge that Scotland has a heritage of medical innovation second to none. And 2016 has continued to produce new ideas and products.
Companies with products in clinical trials, and, most importantly, positive results, include NuCana, DySIS Medical, Novabiotics, Quotient, Calcivis and MGB Biopharma. ReNeuron also recently reported positive results from their PISCES phase II ischaemic stroke trial in Glasgow.
New products include BioOutsource’s N-Glycan assay, Touch Bionics’ digitally controlled supro wrist, and HCI Viocare’s Flexisense. BioAscent Discovery launched their compound cloud and Ubiquigent their novel compound library.
Huge congratulations must go to Vascutek Terumo who received their 8th, yes 8th, Queen’s Award for Innovation in November. Wonderful.
Continuing the innovation theme, the launch of the European Stem Cell Bank was hosted by Roslin Cells, and there was good news for the many companies that accessed Scottish Enterprise SMART and R&D funding.
This year, collaborations with international pharma came thick and fast, much like in 2015. Scotland is at the forefront of the global genomics initiative, AstraZeneca working with Stratified Medicine Scotland (SMS-IC), Edinburgh University signed a license agreement with Merck, and the award-winning Division of Signal Transduction Therapy (DSTT) in Dundee attracted a further £7 million funding from pharmaceutical giants Boehringer Ingelheim, GSK and Merck.
We’re always excited to see Scottish companies and products succeeding in the global marketplace. There’s plenty to report on international expansion, approvals for US market, and so on.
For example, Arrayjet did important deals in Australia and China. Early in the year, Omega Diagnostics opened its new facility in Pune, India. Dysis did a significant deal in Turkey, and Biolgelx expanded in the US.
Aridhia’s technology was selected for a European landmark Alzheimer’s study, and Novabiotics did an international commercial collaboration deal for oral Lynovex®.
Important FDA approval came for Johnson Matthey’s Annan facility and TC Biopharm’s Eurocentral facility, whilst BioOutsource also passed FDA inspection.
Big farewell, big evening
In November, we said farewell, and a huge thank you for his efforts, to John Brown, Chair of the Life Sciences Scotland Industry Leadership Group (formerly LiSAB) for the past twelve years.The refreshed life sciences strategy for Scotland will be with us shortly, under the leadership of our new co-chairs Dave Tudor and Minister Paul Wheelhouse. Exciting times, indeed.
And no account of the year would be complete without the hugely successful EFIB2016 industrial biotech conference in Glasgow. It drew hundreds of delegates from across the world of biotech and beyond. It was an important showcase for Scotland’s strength in IB and synthetic biology.
So now, after a full year, we look forward to the new one, and, of course, the Scottish Life Sciences community’s big, big evening at the Awards Event and Dinner. See you there, I hope.
If you want to find out more about Life Sciences opportunities in Scotland, we'd be happy to help.
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