CEO Update - 17 March 2025

A big raise as next generation biotech leaders gather, NHS England is abolished, and global trade disputes touch on our industry.

Maxion Therapeutics: $72 million boost for biotech innovation 

It’s great to see Cambridge-based Maxion Therapeutics raising an impressive $72 million (£58 million) in a Series A round. Led by General Catalyst and backed by a stellar lineup including British Patient Capital, Eli Lilly, and existing investors like LifeArc Ventures, this haul—among the largest European private biotech financings since early 2024—will propel Maxion’s KnotBody® platform into the clinical spotlight. Their lead programme, MAX001, targeting illnesses such as inflammatory bowel disease, is on track for clinical proof-of-concept, with more pioneering treatments for pain and cardiovascular disease in the pipeline.

Steve Bates OBE
CEO, BIA

This is UK biotech at its best: innovative, ambitious, and backed by global confidence. Huge congratulations to the Maxion team for showing what’s possible when science meets vision. 

PULSE 2025: igniting the next generation of biotech leaders 

This week PULSE 2025, our flagship three-day leadership and entrepreneurship programme, co-developed with, and delivered at, the Francis Crick Institute, takes place. Sponsored by Johnson and Johnson and Pioneer Group, it is a launchpad for aspiring CEOs and first-time founders, offering practical tools, expert mentorship, and a network of peers and industry trailblazers.

A highlight is the ‘Pitch Lab,’ where participants refine their ideas with real-time feedback from investors and mentors. Several alumni from the scheme have built successful businesses down the years and for me, it is a great way of connecting our network rapidly with the biotech leaders of the future. Thanks to all involved for their valuable time.

Prime Minister Keir Starmer abolishes NHS England in major shake-up  

Dissolving NHS England to bring health service “back into democratic control” is a big shake-up of how health will be delivered in England. In an address on reforming the British state, last week the PM questioned the value of arm's-length bodies, arguing they divert resources from frontline care, saying: 

I don’t see why… Decisions about £200 billion of taxpayer money on something as fundamental to our security as the NHS should be taken by an arms-length body, NHS England. And I can’t in all honesty explain to the British people why we should spend their money on two layers of bureaucracy. That money could and should be spent on nurses, doctors, operations and GP appointments.

With the recent and immediate departure of key leadership in NHS England our immediate focus is on determining the new individuals responsible for key agendas that matter for members, especially on access pathways.  

Rare cancers and orphan drugs: parliamentary momentum 

Parliament advanced a vital cause when Dr Scott Arthur’s Rare Cancers Bill - a Private Members’ Ballot Bill - was passed unopposed at the second reading last Friday. The legislation seeks to accelerate research and investment in rare cancer treatments, such as brain tumours, pancreatic cancer, and neuroendocrine conditions, through expanded clinical trials and a review of UK orphan drug rules.

These steps align closely with our work on supporting the development of drugs for rare diseases and although private members bills rarely become legislation, I get the sense that real progress will emerge from this parliamentary process. It could speed up access to rare disease drugs and it's certainly moving to hear the powerful testimony of the experiences MPs have had in seeking to access medicines for their own family members.   

A celebration of Scottish life sciences

The BIA was out in force at the Scottish Life Sciences Conference and Dinner last week in Glasgow. A particular highlight was seeing Edward Green, Chair of our Engineering Biology Advisory Committee (EBAC), take home the Business Leadership Award—a well-deserved recognition of his impact.

It was heartening to hear that Scotland’s life sciences sector has smashed its £8 billion turnover target—originally set for 2025 - a remarkable three years ahead of schedule, as confirmed by the latest government data.

Scotland’s life sciences cluster is deeply integrated with that of the UK and beyond and members tell me how much they value HM Treasury tax credit policy and schemes from Innovate UK they have benefited from, and it is always enjoyable to celebrate success with members.  

Pension power: unlocking 10%?  

According to Bloomberg last week, Treasury officials encouraged pension funds to allocate 10% of their assets to listed and unlisted UK equities - doubling the 5% target of the prior Mansion House Compact. We are keeping a particularly close eye on this crucial agenda especially as the HM Treasury is working towards its Spring statement in a couple of weeks and remains set on enforcing policy momentum to kickstart UK economic growth.     

Global trade tensions: St Patrick's Day bumps Trump’s pharma challenge 

As a result of the imposition of President Trump’s 25% steel and aluminium duties, the EU has issued a list of products on which it proposes to impose tariffs of up to €26 billion. Some of the items on the list seem to touch on our sector – especially in the supply chain for biomanufacturing and I’m seeking advice from members in this area on likely impacts.

If you’ve not seen it, the St Patrick’s Day exchange between President Trump and the Irish Taoiseach is informative about his views on Irish taxation policy with regard to our sector.  

Spring statement

Finally, join me and Dr. Martin Turner on 28 March  to hear my reaction to the Spring statement and what it means for life sciences. Sign up today.