British Business Bank makes €25m commitment to EQT Health Economics 3 Fund
Press release
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.
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.
Christine Hockley, Managing Director and Head of Commercial Equity Funds at British Business Bank, said:
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.
Mark Andrews, Senior Director, Life Sciences Funds at British Business Bank said:
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.
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.
Further Information
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Notes to editors
About the British Business Bank
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 £23bnRead footnote text 1 of finance to almost 64,000Read footnote text 2 smaller businesses.
British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. With the exception of BBB Investment Services Limited they are not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority. A complete legal structure chart for the group can be found at british-business-bank.co.uk.
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.
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1
Figures as at end March 2025
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2
Figures as at end March 2025, does not include Start Up Loans
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