Cambridge research hub to get £500m boost from American firm

East Anglia will continue to be at the forefront of developing life-saving drugs and advance healthcare tests thanks to a £500m boost.

The private investment from US firm Prologis into the Cambridge Biomedical Campus will fund a 115,000 sq ft expansion to the high-tech research hub.

It comes days after Labour's budget was announced and Labour Chancellor Rachel Reeves praised the Prologis fundraising during a tour of the campus on Friday.

She said: "It’s a real show of confidence in what this Government are doing to grow the economy that just a few days after the Budget Prologis are announcing this £500 million investment into the UK here in Cambridge to grow the life science industry in Britain.

She added: "The UK’s got huge strengths in industries like life sciences but this additional investment will mean that we can create more good jobs paying decent wages as well as developing here in the UK lifesaving drugs and that’s incredibly exciting because that means patients in the UK having access to better quality medicines while also building our research capability."

The campus already supports more than 22,000 jobs and generates £4.2bn each year for the UK economy.

But the building from the £500 investment will become a new home for a variety of labs as well as support clinical trials and diagnostic services.

It will also create more than 2,120 jobs in roles from research to diagnostic.

Currently, research carried out at the biomedical campus looks at the most pressing global healthcare challenges, including developing techniques for spotting cancer early and understanding dementia.

Paul Weston, regional head at Prologis UK, said: "There is a lot riding on this pivotal first budget and strong support from the private sector to follow through on investment pledges will be critical.

“The Government’s commitment to unlock foreign direct investment matches our own focus on partnering with public and private stakeholders to invest and deliver the infrastructure needed for sustainable, long-term growth.

“These initiatives will ensure the UK remains at the forefront of industrial innovation and Prologis are ready to support the Government’s ambitions, providing the spaces that can unlock growth and development.

“We look forward to furthering our collaboration and investment activity, ensuring the UK continues to lead on a global stage.”

Science and Technology Secretary, Peter Kyle, said: "The UK’s life sciences sector is central to our ambitions for the UK – from driving economic growth through to saving and improving lives through better treatments.

“Major investments like this from Prologis, bringing the sector’s largest global companies under one roof in Cambridge, is another vote of confidence in the UK’s approach to long-term growth."

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