Deputy First Minister of Scotland Kate Forbes joined Scottish Enterprise Chief Executive Adrian Gillespie during a visit to the site.
The new £40m Hub, scheduled to open early next year, will anchor new high-growth spin-out companies in Dundee, enhancing the city’s reputation as a global leader in health and life sciences research.
The facility will provide world-class 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 spin-off 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.
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"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 supports research teams to commercialise their innovative ideas and projects, transforming them into successful businesses. This facilitates the creation of homegrown high-value jobs and the development of new products and services for domestic and international markets, generating significant economic impact for Scotland.
The agency's investment in the 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.
Home to a wealth of world-class research, Scotland is focussed on translating new concepts into real world applications. Scottish Enterprise has more than doubled its high growth spin-out portfolio in recent years, helping to create 24 companies with potential to scale since 2020.
The University of Dundee has benefited from over £2 million Scottish Enterprise spin-out funding as part of this activity, creating companies including biotechnology business Tay Therapeutics, whose Chief Executive shared his experience of spinning out into a company at the event.
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."
