Deputy First Minister Kate Forbes on Wednesday joined Scottish Enterprise chief executive Adrian Gillespie to announce an £8 million grant contribution to the construction of the University of Dundee’s Life Sciences Innovation Hub during a visit to the site.
The new £40 million Hub, scheduled to open early next year, will anchor new high-growth spin-out companies in Dundee, enhancing the city’s reputation in health and life sciences research.
The facility will provide world-class laboratory and office space to spinouts from the University’s School of Life Sciences and spin-ins looking to partner with the University and benefit from the use of its facilities as they grow and scale.
It is set to be the centrepiece of the Tay Cities Biomedical Cluster project, to which the Scottish Government has invested £25 million as part of the Tay Cities Region Deal.
This 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.
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.”
Gillespie said: “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.”
David McBeth, Vice-Principal (Enterprise and Economic Transformation) at the University of Dundee, said: “By providing state-of-the-art facilities for early-stage, high-growth companies in the Health and Life Sciences sector, we will ensure that inventions from the University of Dundee and other universities, colleges and research institutes in the Tay Cities region will remain anchored in Dundee as they grow.
“Retaining high growth companies in Scotland is central to Scotland’s national Innovation Strategy, and will help fulfil the aspiration to grow a vibrant cluster in Scotland, with the creation of many hundreds of high-value, high-skilled jobs in Tayside.
“The Hub will also, along with our Centre for Targeted Protein Degradation (CeTPD) form a cornerstone of a Life Sciences Innovation District, being developed in partnership with Dundee City Council and Scottish Enterprise.”