Norway discusses biotech crisis package
The Norwegian government is discussing a €300m rescue package for the biotech industry as part of a national financial rescue plan. The proposal for the plan was put forward by the academic institutes, hospitals and businesses that form the Oslo Cancer Cluster. With more than half of the country’s 25 oncology-related biotech companies expected to face liquidity problems over the next 12 months, the cluster set up a think-tank of financial and industry experts to draw up the package and put it to the government. Boiled down to basics, the plan calls for three measures: doubling of the size of the existing Governmental Innovation Loan Fund, the formation of new BioMedical growth and seed funds, and an extension of R&D tax breaks. CEO of the Oslo Cancer Cluster Bjarte Reve expects a positive governmental decision by the end of January.