4:16 PM
 | 
Oct 06, 2017
 |  BioCentury  |  Finance

No EIF, no problem?

Why BIA seeks post-Brexit access to EIF, plus a new U.K. Innovation Fund

In response to uncertainty about access to the European Investment Fund and European Investment Bank following Brexit, the BioIndustry Association is asking the U.K. government to pursue two paths in parallel. BIA wants the government both to negotiate for continued participation in EIF and EIB, and to create a new fund that would invest in innovative sectors domestically.

The U.K. Treasury proposed to create an Innovation Fund in a consultation document released in August. Its final recommendations are expected ahead of the autumn budget, which in turn is expected Nov. 22.

The EIF reports that it and the EIB have been anchor LPs for the great majority of European VC funds; the EIF alone has committed more than €17 billion ($20 billion) to nearly 700 VC funds since 1994.

According to the EIF’s 2016 annual report, the fund had only one commitment to a U.K. life sciences fund last year -- a €53.1 million ($56 million) commitment to Abingworth Bioventures...

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