The Serum Institute of India will invest GBP 240 million in the U.K to expand its vaccine business and set up a new sales office creating a large number of jobs, 'Downing Street' has announced as part of plans for a GBP 1 billion 'India-U.K Enhanced Trade Partnership' creating around 6,500 jobs in Britain.
The Pune-based vaccine manufacturer is among a list of nearly 20 Indian companies across sectors such as healthcare, biotech and software services to announce significant investment plans in the U.K.
It was also revealed that the Serum Institute of India (SII) has started phase one trials in the U.K of a nasal vaccine against coronavirus.
“The sales office is expected to generate new business worth over USD 1 billion, GBP 200 million of which will be invested into the U.K,” 'Downing Street' said in reference to SII’s plans for the U.K market.
“Serum’s investment will support clinical trials, research and development and possibly manufacturing of vaccines. This will help the UK and the world to defeat the coronavirus pandemic and other deadly diseases. Serum has already started phase one trials in the U.K of a one-dose nasal vaccine for coronavirus, in partnership with Codagenix INC,” it said.
In the field of healthcare, another Indian investment highlight includes GBP 59 million by biotech firm Global Gene Corp over the next five years.
It will create 110 highly skilled jobs in the UK, mostly based in the R&D centre at Wellcome Genome Campus in Cambridge, which is the site of the Human Genome Project.
“I’m very pleased that Global Gene Corp has decided to join the legions of Indian companies investing in the UK, boosting our healthcare sector and driving economic growth,” said U.K Prime Minister Boris Johnson in a statement.