SCOTTISH Enterprise has committed £8 million to the University of Dundee’s build of a life sciences innovation hub.
The new £40 million facility, which is currently under construction by Robertson Tayside and is scheduled to open early next year, will anchor new high-growth spin-out companies in Dundee.
Set to provide ‘world class’ laboratory and office space to spinouts from the university’s school of life sciences, space will also be open to spin-ins looking to partner with the learning institute and benefit from the use of its facilities as they grow and scale.
The facility will be the centrepiece of the Tay Cities Biomedical Cluster project, which the Scottish Government has invested £25 million into as part of the Tay cities region deal. The wider project is predicted to create around 800 new jobs and bring a financial benefit of more than £190 million to the region by 2053.
Deputy first minister Kate Forbes said, “The Scottish Government is committed to growing the life sciences sector, recognising its ability to attract inward investment, generate further growth by supporting spin-off organisations, whilst creating new, high-quality jobs in Scotland.
“I am proud that Scottish Enterprise’s investment will continue to shape the future of the Tay region, enhancing its reputation as a world-leading life sciences hub whilst helping to create 800 new jobs.
“The Scottish Government has already committed £25 million of focussed spending on biomedical projects through the Tay Cities Region Deal. This demonstrates the Scottish Government’s commitment to scientific innovation, and the Government’s commitment to creating pathways that allow projects to transform into successful businesses.”
Scottish Enterprise’s investment in the hub is part of its new missions-based approach. One of its aims is to double the number of scale-up businesses in Scotland over the next ten years by focusing on industries where Scottish businesses have global strengths, including life sciences.
Adrian Gillespie, chief executive of Scottish Enterprise, added, “Scotland is internationally renowned for its life sciences excellence and innovation with Dundee being central to this.
“The Hub will enable spinouts to remain close to their parent university at a crucial stage in their development while benefitting from bespoke support to grow, scale and flourish.
“Projects like this, which bring together globally ambitious innovators and entrepreneurs under one roof, are crucial to the success of Scotland’s economy. We’ll continue to work closely with the university to support spinouts and maximise their use of the Hub’s excellent facilities to give their businesses the best possible start.
“Recently, the EY Attractiveness Survey again named Scotland as the most attractive location for inward investment outside of London. We will promote this exciting life sciences asset through our international networks to potential inward investors who are keen to collaborate with our entrepreneurs and young businesses.”
