University of Oxford starts life sciences venture

The University of Oxford has today (May 14) launched a £300 million ($473 million) project aimed at enhancing the intellectual property of businesses active in the life sciences and medicinal sciences industries.

The UK-based university has partnered with Oxford Sciences Innovation (OSI), a newly created company, to develop research from the medical, life sciences and technology divisions at the university which will eventually be used to create new companies.

The university will work alongside its technology subsidiary Isis Innovation on the project.

According to the university, the initiative will include establishing new “IP-driven businesses” as well as providing investment capital and advice.

“The University of Oxford aims to be a leader in innovation and entrepreneurship, building on its position as a world-leading centre of learning teaching and research,” it said in a statement announcing the launch the project.

In order to fund the project, OSI will raise an initial £300m, with £210m already committed by investors including biomedical research charity the Wellcome Trust.

London-based IP Group, which invests in technology companies, is also backing the project.

David Norwood, chair of the IP Group and also chair of OSI, said: “The agreement with OSI and the strength of the cornerstone investors create a fantastic opportunity to turn world-leading science into market-leading companies and the opportunity to create significant value for all stakeholders.”

Andrew Hamilton, the university’s vice-chancellor, said: “The University of Oxford is a long-established engine of global economic growth.

“OSI is an exciting new development which will significantly expand the funding and commercial expertise available to our research teams,” he added.