The new £40m Hub, scheduled to open early next year, will anchor new high-growth spinout companies in Dundee.

The facility will provide laboratory and office space to spinouts from the University’s School of Life Sciences and spin-ins looking to partner with the university and benefit from the use of its facilities as they grow and scale.

It is set to be the centrepiece of the Tay Cities Biomedical Cluster project, to which the Scottish government has invested £25m as part of the Tay Cities Region Deal. This wider project is predicted to create around 800 new jobs and bring a financial benefit of more than £190m to the region by 2053.

Deputy first minister Kate Forbes said: “The Scottish government is committed to growing the life sciences sector, recognising its ability to attract inward investment, generate further growth by supporting spinoff organisations, whilst creating new, high-quality jobs in Scotland.

“I am proud that Scottish Enterprise’s investment will continue to shape the future of the Tay region, enhancing its reputation as a world-leading life sciences hub whilst helping to create 800 new jobs.

“The Scottish government has already committed £25 million of focussed spending on biomedical projects through the Tay Cities Region Deal. This demonstrates the Scottish government’s commitment to scientific innovation, and the government’s commitment to creating pathways that allow projects to transform into successful businesses.”

Scottish Enterprise’s investment in the Dundee Hub is part of its new ‘missions-based approach’. One of its aims is to double the number of scale-up businesses in Scotland over the next ten years by focusing on industries where Scottish businesses have global strengths, including life sciences.

Adrian Gillespie, chief executive of Scottish Enterprise, said: “Scotland is internationally renowned for its life sciences excellence and innovation with Dundee being central to this.

“The Hub will enable spinouts to remain close to their parent university at a crucial stage in their development while benefitting from bespoke support to grow, scale and flourish.

“Projects like this, which bring together globally ambitious innovators and entrepreneurs under one roof, are crucial to the success of Scotland’s economy. We’ll continue to work closely with the university to support spinouts and maximise their use of the Hub’s excellent facilities to give their businesses the best possible start.

“Recently, the EY Attractiveness Survey again named Scotland as the most attractive location for inward investment outside of London. We will promote this exciting life sciences asset through our international networks to potential inward investors who are keen to collaborate with our entrepreneurs and young businesses.”

Dr David McBeth, vice-principal (enterprise and economic transformation) at the University of Dundee, said: “It has been a pleasure to welcome the deputy first minister and Mr Gillespie to the site of our Life Sciences Innovation Hub, and I would like to acknowledge our gratitude for the considerable support of Scottish Enterprise, Scottish government and the Tay Cities Partnership as we approach completion of this landmark project.

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“By providing state-of-the-art facilities for early-stage, high-growth companies in the Health and Life Sciences sector, we will ensure that inventions from the University of Dundee and other universities, colleges and research institutes in the Tay Cities region will remain anchored in Dundee as they grow.

“Retaining high growth companies in Scotland is central to Scotland’s national Innovation Strategy, and will help fulfil the aspiration to grow a vibrant cluster in Scotland, with the creation of many hundreds of high-value, high-skilled jobs in Tayside.

“The Hub will also, along with our Centre for Targeted Protein Degradation (CeTPD) form a cornerstone of a Life Sciences Innovation District, being developed in partnership with Dundee City Council and Scottish Enterprise.”