Major pharmaceutical firm could be sited in the Leeds City Region
A pharmaceutical firm looking to establish a UK based drug manufacturing facility could be sited in the Leeds City Region, bringing £1bn of growth with it.
In a document outlining the proposal for Project Beta, the West Yorkshire Combined Authority (WYCA) has recommended supporting grant funding of up to £3m for the company to locate within the region. Non-disclosure agreements means that the company cannot be named at this stage.
The WYCA document states: “Project Beta relates to an application from a company seeking support to establish a new UK based, drug manufacturing facility.
“Subject to regulatory approval these drugs could treat a wide range of difficult to treat human conditions, particularly in children.”
The Leeds Enterprise Zone was put forward as a location for the company and a “detailed dialogue” has taken place with Leeds City Council and the LEP about funding to help to support the project. The scale of investment required will require a “cocktail of funding” which may involve both the LEP and Government alongside any
private investment to secure the development.
The company is expected to make a final decision shortly about their preferred location in the UK. The plant could create around £1bn growth each year for the city region and rates estimated at around £1m per annum
which will be retained by the LEP until 2037.
At the meeting of WYCA last year, Project Beta was accepted as a good strategic fit with the Strategic Economic Plan.
The project has been the subject of close communication between WYCA Officers, Leeds City Council (LCC) officers and the company throughout 2016 and 2017.
