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Britain’s ‘capitalism without capital’: the pension funds that shun risk

Britain’s ‘capitalism without capital’: the pension funds that shun risk

Finance
Immunocore is a success story for the UK’s ambitions in biotechnology. Spun out of Oxford university in 1999, it is pioneering a new generation of medicines to treat cancers, viral infections and autoimmune diseases from the leafy market town of Abingdon-on-Thames.But for Sir John Bell, the Canadian-British chair of the company and one of the world’s leading immunologists, its story stands out for a less distinguished reason. “Immunocore is, I fear, a classic example of what the UK has been losing,” he says.In its early days, Immunocore attracted some backing from domestic investors. But three later funding rounds failed to secure any more UK money. When it grew large enough to list on the stock market in 2021, it shunned London in favour of Nasdaq, where its market capitalisation now s...