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£20 million funding to grow Cheshire East and Greater Manchester life science industry

The Life Science industry in Cheshire East and Greater Manchester will benefit from a £20 million Local Growth Fund award confirmed by the Chancellor George Osborne.

It takes the total value of the fund to £42 million.

A further £7 million has been added from the private sector alongside £15 million already pledged through the Alderley Park Investment Fund.

The funds demonstrate the commitment of both Cheshire and Greater Manchester to support and grow the life science sector, helping to establish the region as a world player in the development of new drugs, pharmaceuticals and healthcare technologies.

It reflects the great working partnership between Cheshire East Council, the Cheshire and Warrington LEP, the Greater Manchester Combined Authority, Greater Manchester Local Enterprise Partnership and Manchester Science Partnerships.

An independent report recently estimated that the Life Science Investment Fund could assist in the region of 60 life science businesses to grow over the next 15 years.

In turn this could create around 370 skilled scientific jobs.

It is an important sector benefiting the local and national economy and will play a strategic role in the region’s aspirations to achieve a £35 billion economy by 2030.

Working with colleagues in Manchester, the Cheshire science corridor is the engine for the North West’s growing knowledge economy.

Council Leader Michael Jones said: “Cheshire East is re-establishing itself at the forefront of bioscience technology.

“The loss of jobs at Alderley Park due to the relocation of some of AstraZeneca’s operations was a serious blow but we are rapidly re-building and the further news from the Chancellor of a £200 million advanced materials institute in Manchester will further enhance the reputation of Cheshire and Greater Manchester in the world of scientific research and discovery.

“All this will attract highly skilled people and leading scientists to work and live in Cheshire East.

“Great news.”

Christine Gaskell from the Cheshire and Warrington LEP said: “We are really delighted that Government has pledged such commitment to the very strong submission made in partnership with the Greater Manchester Combined Authority.

“The Cheshire Science Corridor is one of the sub-region’s strategic priorities and this fund will provide the necessary financial boost to support the undeniable intellectual capital that exists in this area.

“This is a major growth sector and we want to attract world-class talent to live and work in this area.”

Leader of Manchester City Council, Sir Richard Leese, said: “Manchester is already a key location for life sciences and this fund will help us encourage further expansion and strengthen the regional hub here.

“This is good news for Manchester, good news for Cheshire and good news for the North as a whole.”

This was posted in Bdaily's Members' News section by Sophia Taha .