UK biotechnology companies have reported an increase in the amount of funds raised through venture capital investment in the run-up to Brexit, according to an industry group.
British biotech firms raised £182 million in venture capital between 1 December 2018 and 28 February 2019, according to a report released by trade association the BioIndustry Association and the consultancy Informa Pharma Intelligence on 25 March. This is £47m more than during the same period a year earlier, when biotech firms captured £135m in venture capital investment.
The UK biotech companies have so far raised more venture capital funding than those in any other European country except Iceland, according to the BIA. The Nordic country came out on top due to the fundraising success of one company, Alvotech, which raised £231m.