The life science sector is a significant driver of both innovation and economic growth. It is fuelled by venture capital and investment from the public markets, and relies on supportive financial policies from government, such as R&D tax reliefs and innovation grants.
As such, the maintenance of both investment and financial support is essential for the sector to thrive. The BIA advocates for the continuation of this supportive landscape via our close links to government, as well as working closely with the investment community to raise the profile of the sector.
Recent activity in biotech finance and tax
Finance and Tax Advisory Committee (FTAC)
The Finance and Tax Advisory Committee (FTAC) guides the BIA’s policy development, and advocates for its members by shaping, influencing, and enhancing the financial environment for innovative life sciences and biotech companies in the UK. Our strong links to the Treasury, HMRC, Department for Science, Innovation and Technology (DSIT), and the Office for Life Sciences (OLS) ensure that the voice of the sector is heard at the highest levels.
The committee is composed of representatives from across the BIA community, including SMEs and large companies, finance and investor institutions, and advisory firms. The BIA draws on the expertise and experience of the membership to inform our work. FTAC also provides finance and tax support for BIA members through events and guidance documents.
FTAC Chair and Vice-Chair
Colin Hailey
Colin worked in the tax departments of both Arthur Andersen and Deloitte in London and Cambridge, UK. He left the Big Four professional services world behind in 2010 to start a new tax firm, Confluence Tax, where biotech and technology clients' needs could be met in a tailored way, while retaining an exemplary level of tax advice.
Twelve years on, Confluence Tax remains the top tax advisory firm for biotechnology and technology clients, having established extensive networks within the life sciences sector, and having built a reputation as the go-to firm. He specialises in venture capital schemes, R&D tax credits, patent box, share incentives and M&A transactions within biotech and tech. He chairs the Finance and Tax Advisory Committee of the BIA and undertakes consultation work with HM Treasury and HMRC. Colin is a regular speaker and contributor on tax issues relevant to the knowledge economy.
Melissa Strange
Melissa Strange is CFO at Infinitopes. She has spent 14 years working in life sciences, helping companies such as Summit Therapeutics, a NASDAQ listed biotech, Closed Loop Medicine, a TechBio developing combination prescription drug plus software products and Kuano, who are seeking to redefine drug discovery with Quantum and AI.
With experience in corporate and commercial transactions, as well as wider organizational development and operational capabilities, Melissa has been actively involved in raising over £120M through UK and US private and public financings and helped secure ~£67M in non-dilutive funding.
FTAC members
FTAC will seek to have a membership of approximately 30 member organisation representatives from across the BIA community, including SMEs and large companies, finance and investor institutions and advisory firms. FTAC members will be expected to attend the four quarterly meetings and encouraged to also participate between meetings.
