Chrysalis funds Liverpool Life Science Accelerator
The Chrysalis Fund, managed by igloo, has invested £11.5m into a world class life science hub in Liverpool marking its biggest commitment to date and paving the way for the city’s future in the sector. The new £25m Liverpool Life Sciences Accelerator will enable innovative research into antibiotic resistance and forms a key part of Liverpool’s growing Knowledge Quarter.
It co-locates the Royal Liverpool and Broadgreen University Hospitals NHS Trust, the Liverpool School of Tropical Medicine (LSTM) and a raft of relevant SMEs with larger scale industrial collaboration through pre-existing product development partnerships. The 70,000 square foot building will provide state-of-the-art laboratory space and offices.
John Tatham, finance and investment director at igloo and fund manager at the Chrysalis Fund, said: “This investment marks an important landmark for the fund. It demonstrates our ability to invest in projects that drive forward the city’s key strategic priorities of creating and retaining high value jobs and delivering economic growth. We’re delighted to be able to provide the loan for this development which will further bolster Liverpool’s reputation as a centre for global excellence in life sciences which represents a £1.7bn economy.”
Building on site will start in mid-November with the Life Sciences Accelerator due to open in June 2017.
Professor Janet Hemingway CBE, Director of LSTM, said: “LSTM was one of the first institutions in the world to recognise the importance of studying and understanding the phenomenon of drug resistance. “With a proven track record of industry partnership and ground breaking, lifesaving research, the Accelerator will allow us to further boost Liverpool’s reputation as a world renowned centre of expertise. The collaboration with the Royal and SMEs will benefit global health by taking research and innovation from the lab to where it is needed most and will encourage further investment in Liverpool.”
The Chrysalis Fund is backed by the European Investment Bank, the Homes and Communities Agency (HCA) and European Regional Development Fund under the JESSICA (Joint European Support for Sustainable Investment in City Areas) programme.
The fund is managed by the Igloo Consortium, which is made up of Igloo Regeneration Limited, Bilfinger GVA and RBC Capital Markets and operates in partnership with the Liverpool City Region LEP and local authorities.