Big boost for BioQuarter as drug firm brings HQ to site

EDINBURGH'S BioQuarter has been given a new boost with the announcement that an international drug development company is to establish new headquarters there.

• An artist's impression of Edinburgh's new bioquarter

The company will move to temporary accommodation in the Capital and locate at Scottish Enterprise's new custom-built facility at the BioQuarter within two years.

UK-based company TPP Global Development will initially create up to 15 high-value jobs.

The Scottish Government is supporting the move with the offer of 200,000 in Regional Selective Assistance.

TPP licenses intellectual property from universities and research institutes and 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 said it chose to set up in Edinburgh because of the highly-ranked universities, strong local skill base and an infrastructure able to support its business needs.

Announcing the TPP move, 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."

He added: "This ambitious new project will deliver 9.6 million of investment and bring high-value jobs to the Capital."

Lena Wilson, chief executive of Scottish Enterprise, said: "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."

Councillor Tom Buchanan, the city's economic development leader also welcomed the news.

He said: "I'm delighted to hear a company is investing in Edinburgh because of its highly valued, top-quality workforce.

"Firms dealing in the intellectual property end of the market are the ones we are keen to secure because these are the jobs with the greatest value and they represent the interest the city has in using its university and college asset to maximise Edinburgh's economic potential around the world."