Plans for a £37 million Bioscience Campus in Stevenage, Hertfordshire - funded in partnership by the government, GlaxoSmithKline, The Wellcome Trust, Technology Strategy Board and East of England Development Agency - will be announced today by Business, Innovation and Skills Secretary, Lord Mandelson.

The project aims to create a world-leading hub for early-stage biotech companies, operating under a model of open-innovation and collaboration.

The campus will offer each company access to specialist skills, equipment and expertise, to help stimulate innovation in drug development. By sharing knowledge, each company will also increase its chance of success, while retaining its independence so entrepreneurship can flourish.

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Speaking ahead of the announcement at the Technology Strategy Board's Innovate09 Conference, Lord Mandelson said: "Innovation drives commercial invention; it pushes up productivity; it is at the heart of growth. And this joint investment by the public, private and charitable sectors recognises that innovation will be decisive in Britain’s recovery.

"The Stevenage Campus represents a huge investment in the future of Britain’s bioscience industry and is a strong new platform for the work of our Office for Life Sciences. It will leverage our existing strengths as a world leader in the sector, helping it to grow and reinforcing our international competitiveness. And ultimately it will help us build towards a stronger UK economy coming out of the global downturn."

It is estimated that development of the campus could create up to 1,500 new jobs, most of which will be high-skilled. It will initially be home to around 25 companies, co-located with GlaxoSmithKline on its existing research site, with plans to increase capacity at the park fivefold over the next 10 years.

(CD/KMcA)