Issue 151

£3m investment in new Life Science building

29th January 2007

A unique £3 million Boots Centre for Innovation is to be created within Swansea University's Institute for Life Science to help researchers and entrepreneurs from around the world to develop new products.

The Centre, funded by a £300,000 Regional Selective Assistance grant from the Welsh Assembly, will use its expertise and facilities to help innovators to develop new products for Alliance Boots plc. in diverse areas, including pain relief, diabetes, skin treatments and healthy ageing.

The Boots Centre in Swansea will benefit from the promising ideas of pioneering researchers and innovative small businesses, and will in turn obtain scientific expertise, business know-how and financial backing.

A partnership deal between Alliance Boots plc. and venture capitalists Longbow Capital LLP will allow the Centre's specialist staff to turn ideas into new products, and entrepreneurs access to investment funding.

The Centre, a subsidiary of the Boots Company plc, Europe's foremost international pharmacy-led health and beauty group, with over 100,000 employees, will open for business in April.

Sir Nigel Rudd, Chairman of Alliance Boots plc, said at the launching of the project on January 22 said: "The combination of Boots, Welsh Assembly Government and Swansea University make a fantastic opportunity for the Boots Centre for Innovation to be a real powerhouse in product development around the world. Boots The Chemist was founded on the principle of entrepreneurship and improved healthcare, and today sees another important step in the history of the business."

"Ultimately, these products developed in Swansea could then be available in 2,400 Boots stores across the UK, and through our extensive international networks. Today is a proud day for everyone involved in getting this project of the ground. With such positive momentum it heralds the start of a great opportunity for Boots, for entrepreneurs everywhere and for Wales."

Minister for Enterprise, Innovation and Networks Andrew Davies added: "This is a truly exceptional project, which demonstrates the Welsh Assembly Government's commitment to developing the knowledge-based economy in Wales. The fact that Europe's leading pharmacyled health and beauty group has decided to establish a new Innovation Centre in Swansea is testament to the skills and knowledge available at the University."

"I believe that the project will deliver increased investment in research and development in South Wales and the development of more high-level skills to support innovation and R&D. I fully expect this Centre for Innovation to help drive the continued growth of technology and knowledge driven firms in Wales."

Swansea University's Vice- Chancellor, Professor Richard B Davies, added: "I am delighted to give the warmest of Welsh welcomes to the Boots Centre for Innovation. Swansea is an ambitious, research-led University undergoing unprecedented growth. We take great pride in the fact that Alliance Boots shares our own confidence in the future of the University and, in particular, recognise the strength of life science research in our new School of Medicine.

We are particularly pleased to welcome the Centre for Innovation as our foundation tenant for the Institute of Life Science."

"It is vital, in creating a modern knowledge economy, that universities work increasingly alongside companies with the capacity and experience to commercialise innovative ideas. We look forward to a long and productive synergistic relationship with the Boots Centre, benefiting the University, the City, and Wales."

Caroline Sutch