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Raising Money

Britain tops the European countries for biotech cash raised during the first half of this year, Reuters reports.

This, the news service adds, is being taken as evidence that the strategy to encourage life science businesses through tax breaks and other incentives is working.

Britain raised some £734 million pounds (about $1.18 billion) in the first half of the year in life sciences financing, as compared to £483 million for all of 2013.

According to a report from Britain's BioIndustry Association and consultancy firm EY, Europe as a whole has similarly raised more in the first half of 2014 than it did for all of 2013.

"The surge in funding is part of a wider rush into the risky biotech sector by global investors, following promising results with a series of new drugs, but Britain's strong showing also reflects government actions to promote the sector," Reuters says.