Blackstone owned BioMed Realty plans to announce a £850m investment in the UK at a reception hosted by Boris Johnson while on a State visit to the US.
The Prime Minister will tomorrow meet representatives from a number of American companies which invest in the UK, including Blackstone, the parent company of BioMed Realty.
The multi million pound investment will finance 800,000 square feet of new, high-quality, purpose-built lab and office space for the company in Cambridge where employees will focus on creating vaccines, developing new treatments and responding to major global health challenges.
The Prime Minister said, “the success of the UK-US trade partnership reflects the deep closeness between our countries and people.
“It’s no surprise that when American companies look to expand and collaborate internationally they so often look to the UK, and vice versa. Every American dollar spent in the UK is creating jobs around the country and boosting the UK’s reputation in crucial and highly-skilled areas like health and scientific research,” he added.
“The UK is one of the best places in the world to do business, and we see meaningful opportunity for long term investment,” said Stephen A. Schwarzman, Chairman and Chief Executive Officer of Blackstone. “That includes today’s announcement in the life sciences sector, where we want to help cement the UK’s place as a global leader in life sciences and technology, including vaccine development,” he added.
The US is the UK’s largest single trading partner, with total trade reaching £196.3bn in 2020, an increase of over five per cent in just three years.