Global drug development firm to create Edinburgh HQ
TPP Global Development to create high value jobs in Edinburgh BioQuarter
Drug development company TPP Global Development is set to establish new headquarters in Edinburgh's BioQuarter, creating up to 15 high value jobs initially, First Minister Alex Salmond announced today.
The Government is supporting the project with the offer of £200,000 in Regional Selective Assistance.
TPP licenses intellectual property (IP) from universities and research institutes. It has raised £9.6 million, including £2m from Scottish Enterprise's Scottish Venture Fund, to develop this into preclinical drug assets. These will be sold to large pharmaceutical or biotech businesses or spun out into separate companies with the potential to create more jobs in Scotland.
The company has chosen to set up in Scotland because of our highly ranked life science universities, strong local skill base and infrastructure able to support its business needs.
It will move to temporary accommodation in the capital and locate at Scottish Enterprise's new custom built facility at Edinburgh BioQuarter within two years.
First Minister Alex Salmond said: "The Scottish Government is doing all that it can to create jobs and investment and I am delighted that TPP has chosen to locate its headquarters in Scotland.
"The decision to locate in Edinburgh highlights the strength of Scotland's life sciences sector and demonstrates Scotland has the quality infrastructure and workforce to deliver success. This ambitious new project will deliver £9.6 million of investment and bring high value jobs to the capital.
"Scotland has a proud reputation for pioneering innovation and research and this announcement will strengthen links between Scotland's research and business community through commercialising this valuable knowledge."
Lena Wilson, chief executive of Scottish Enterprise, said: "TPP's investment in Edinburgh is excellent news for the Scottish economy generally and will further enhance our growing international reputation in attracting successful and ambitious life sciences organisations.
"We are creating the kind of supportive business environment that will hopefully see many more companies follow TPP's example in locating HQ functions here in Scotland. Through projects like the Edinburgh BioQuarter, we are building on our clear strengths in life sciences such as our academic base, the quality of our research and our skilled motivated people, all of which TPP and many more global life sciences companies clearly value."
Notes to editors:
Regional Selective Assistance (RSA) is the main national scheme of financial assistance to industry, and is administered by Scottish Enterprise. For more information on RSA go to www.scottishbusinessgrants.gov.uk
For more information contact:
t:0141 228 2848
Scottish Enterprise is Scotland's main economic development agency. Working in partnership with industry, academia and the public sector, SE aims to help make Scotland a place where business can thrive and key industries can be competitive. Its focus is to help businesses grow, encourage greater innovation and create the right conditions for companies to access property, markets and finance to increase productivity and increase Scotland's ability to compete internationally.