The British Business Bank has agreed a €25m commitment to EQT Life Sciences’ EQT Health Economics 3 Fund (EQT HE3), a multi-stage life sciences and medtech-dedicated fund.
The British Business Bank is the UK government’s economic development bank.
EQT Life Sciences is one of Europe’s leading life sciences investors, backing companies focused on the development of therapeutics, medical devices, diagnostics and healthtech. With a 30-year track record EQT Life Sciences has raised over €3.7bn across 13 private funds and supported more than 150 companies from early clinical development through to commercialisation.
The British Business Bank is the largest investor in UK venture and venture growth capital funds and regularly makes commitments to European-based funds to encourage investment in UK companies. This commitment is the latest in the British Business Bank’s ongoing work to back the UK’s high-potential life sciences companies, which is one of the eight growth sectors of the UK Industrial Strategy.
The Bank has an existing relationship with EQT Life Sciences, having co-invested in both Phagenesis’ (2023) $42m Series D and Cyted Health’s (2025) $44m Series B funding round.
EQT HE3 is targeting commercial stage, de-risked medtech and digital health technologies driving innovation and transforming healthcare delivery.
The UK is home to a world-class life sciences sector, but scaling companies in the sector requires specialist investors. By investing in high-quality international funds, we encourage greater investment to flow back into the UK and ensure UK companies benefit from the capital and expertise of leading investors.
Christine Hockley, Managing Director and Head of Commercial Equity Funds at British Business Bank
EQT Life Sciences is an established European specialist investor with a track record of backing companies from early development through to commercialisation. This commitment allows the Bank to access high quality investments and supports UK companies developing new treatments and technologies.
Mark Andrews, Senior Director, Life Sciences Funds at British Business Bank
Drew Burdon, Partner at EQT Life Sciences said:
“Over recent years we have built an excellent relationship with The Bank through co-investments in leading UK health tech companies. The Bank’s investment will further contribute to our commitment to tap into the attractive UK health tech ecosystem and grow strong companies together.”
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK. In doing so, we help capture the economic value of innovation for the UK and create jobs and prosperity for people across the country.
The British Business Bank’s core programmes support £23bn of finance to almost 64,000 smaller businesses.
British Patient Capital Limited is registered in England and Wales with company number 11271076, and registered office at Steel City House, West Street, Sheffield, S1 2GQ. British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.
The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party in respect of EQT Life Sciences or its products or services.
About EQT Life Sciences
EQT Life Sciences was formed in 2022 following an integration of LSP, a leading European life sciences and healthcare venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion (USD 3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals, coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs the smartest inventors who have ideas that could truly make a difference for patients.
21.06.2026.
