This biotech startup raised $130 million to bolster the UK’s cell and gene therapy industry
The UK is considered to be Europe’s leading biotech hub for life science startup funding, with biotech startups raising £2.8 billion in 2020, as they increasingly became relevant in developing treatments during the COVID-19 pandemic. According to data released in 2021 by the UK Cell and Gene Therapy
The UK is considered to be Europe’s leading biotech hub for life science startup funding, with biotech startups raising £2.8 billion in 2020, as they increasingly became relevant in developing treatments during the COVID-19 pandemic.
According to data released in 2021 by the UK Cell and Gene Therapy Catapult, the UK accounts for over 12% of global gene and cell therapy (or advanced therapy medicinal product – ATMP) clinical trials. By 2035, it is expected that the UK cell and gene therapy sector could be worth £10 billion and provide 18,000 jobs.
That's why UK biotech company Ascend is raising $130 million to bolster the UK’s cell and gene therapy industry. Founded in 2021, Ascend wants to address a significant capacity bottleneck that slows down the treatments getting to patients. The company last raised $66.6 million in March 2023 in an unknown round of funding. Last November, Ascend acquired Freeline Therapeutics for $25 million.
With this latest funding, Ascend plans to buy up manufacturing facilities and expert teams from cash-strapped cell and gene therapy start-ups, capitalising on the sell-off in the sector, according to a report from the Financial Times.
