Prime Minister Boris Johnson announced the move at a reception while on a state visit to the US. Mr Johnson will also meet representatives from a number of American companies which invest in the UK, including Blackstone, today. The multi-million-pound deal will finance 800,000 square feet of new, high-quality, purpose-built lab and office space in Cambridge for BioMed Realty.
The company will focus on creating vaccines, developing new treatments and responding to major global health challenges.
The Prime Minister said: “The success of the UK-US trade partnership reflects the deep closeness between our countries and people.
“It’s no surprise that when American companies look to expand and collaborate internationally they so often look to the UK, and vice versa.
“Every American dollar spent in the UK is creating jobs around the country and boosting the UK’s reputation in crucial and highly-skilled areas like health and scientific research.
Chairman and Chief Executive Officer of Blackstone, Stephen A Schwarzman, hailed Brexit Britain after the deal.
He said: “The UK is one of the best places in the world to do business, and we see meaningful opportunity for long term investment.
“That includes today’s announcement in the life sciences sector, where we want to help cement the UK’s place as a global leader in life sciences and technology, including vaccine development.”
The US is the UK’s largest single trading partner, with total trade reaching £196.3billion in 2020, an increase of over five percent in just three years.
It comes after the Prime Minister announced the UK Life Sciences Vision – a 10-year strategy for sector to solve some of the biggest healthcare problems of our generation, including cancer and dementia.
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He is hoping that the remarkable response of the sector to COVID-19 can be used as a blueprint to accelerate the delivery of life-changing innovations to patients.
The Vision outlines 7 critical healthcare missions that government, industry, the NHS, academia and medical research charities will work together on at speed to solve – from cancer treatment to tackling dementia.
These missions will focus on preventing, diagnosing, monitoring and treating disease early, using innovative clinical trials to develop breakthrough products and treatments quickly to help save lives.
It will also look to accelerating the development and adoption of new drugs, diagnostics, medical technology and digital tools.
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Announcing the plans in July, Business Secretary Kwasi Kwarteng said: “The UK life sciences sector has been a beacon of hope over the past year and a half, developing diagnostics and life-saving vaccines at remarkable speed to secure our route out of the pandemic.
“This ambitious strategy sets out how we can replicate this same scientific excellence and agility to meet today’s greatest health challenges, doing with cancer, dementia and obesity what we did with this virus – gaining the upper hand with brilliant science.
“Crucially, we’re going to build a pro-enterprise environment where our life sciences firms can access the finance to grow, are incentivised to onshore manufacturing, and can commercialise breakthrough products right here in the UK – rather than elsewhere – as we cement the UK’s position as a science superpower.”