Boris Johnson's most recent trade mission was helped by news of a $40m (£26m) investment from two US companies yesterday, boosting the capital's reputation for cultivating life science and technology industries.
The London mayor is currently on a US trade mission in a bid to attract investments for British businesses. Heavy snowfall means he's currently stuck in Washington, but Boris also plans to woo potential investors in New York and Washington.
The new investment will buoy the recently established MedCity, a collaboration between the Greater London Authority and three London medical schools, which aims to boost life sciences in London and the South East of England. It's working to build a community of angel investors, while partnering with the London Stock Exchange to engage general brokers and investors.
Boston-based Mobiquity said it will open a new London base resulting in a £13m ($20m) investment. The company, which is currently working with Pfizer on new healthcare gadgets, hopes to take advantage of the capital's strong tech sector.
Biotechnology company Gilead Sciences also announced a £13m ($20m) investment creating 600 new jobs - the majority of which will be in London. It's opening a new UK headquarters in Holborn and is expanding its presence in Uxbridge and Cambridge.
"London and Boston are two of the greatest scientific cities on the planet and our phenomenal research institutions are collaborating closely to help spur the discovery of new treatments to tackle disease," Boris Johnson, mayor of London, said.
"Gilead and Mobiquity’s moves to London further underline the growing importance of the life sciences industry in the UK as we look to ensure that this crucial sector becomes a key contributor to the capital’s growth and health.”