Pharma firm has generated £800k
A top pharmaceutical firm is being given the message that they are wanted in Stirling.
Around £800,000 has been generated by a Stirling Council-owned company which leases a building to international company BioReliance.
Councillors heard recently that cash balances held by Stirling Technology Projects as of March 31 this year amounted to £807,000.
Officials told the council’s finance and economy committee that STP directors were currently looking at the potential for using some of the surplus cash balances for other economic development purposes.
STP lease a building and its extension in the grounds of Stirling University to BioReliance under two separate leases which both run out in May 2024. BioReliance can then leave or begin a further 25-year lease arrangement until May 2049.
Chief finance officer Jim Boyle said there was no indication that the company would choose to leave.
He added: “A sum of £800,000 has built up so the STP directors have been looking at how this could be utilised because debt will be paid down in 2024 and the lease will come to an end.”
Tory group leader Councillor Neil Benny said the jobs at the facility were amongst the highest value in the district and asked what was being done to secure them beyond 2024.
“We are keen to retain these high quality jobs in this area,” said Mr Boyle, “It is a commercial decision for Merck [Bio’s parent company] but we are keen to facilitiate that if at all possible. There is no suggestion of them moving the business.”
Asked by Tory councillor Jeremy McDonald if there was a sense that BioReliance would want to expand once their lease was up, Mr Boyle added: “We need to be careful not to make any assumptions of what a third party’s commercial concerns would be. That’s a matter for them. But I would just reiterate the desire to retain them. I’m not famiilar with the building aspects but if that request was made we would explore the options and could be open to that.”
Councillor Benny said: “They have access to the university, the location of Stirling, and it is important all those things are being effectively put to Merck and giving them the message that they are wanted here. While there are a number of great businesses up there already the promised spin off has never been as high as it perhaps should have been. With five years to go and this money being available we need to look at what we are doing to attract such high value pharmaceutical jobs into the area.”