U.K. appears to avert blow to biotechs from new R&D tax policy
Government signals changes to proposals that would shield small biotechs from planned cuts
The U.K. government has signaled its intention to ensure that life sciences companies are not hurt by planned changes to the nation’s R&D tax relief policy. The change in course is welcome news for hundreds of small British biotech companies that faced the prospect of losing millions of pounds because of the new policy, which was announced in November and set to go into effect in April.
Confidence that the U.K. government will not undermine life sciences companies provides a boost for the country’s burgeoning biotech hub ahead of next week’s J.P. Morgan Healthcare Conference in San Francisco. Nusrat Ghani, minister for industry and investment, whose portfolio includes the biotech industry, is expected to lead a delegation to J.P. Morgan. ...