The stable outlook is due to venture capital fundraising surpassing that seen in the same period a year earlier, with UK companies raising approximately £182 million compared with a lesser £135 million, 12 months earlier.

The stats showed that there were seven venture capital investments of £10 million or more in UK companies, showing that investors are still confident in the returns they can deliver to shareholders.

On top of this, the UK raised the second most venture capital in Europe, beaten only by Iceland due to £231 million raised there by a single company, Alvotech.

The data shows that the "UK’s life science sector has kept calm and carried on whatever has happened with Brexit", says Steve Bates, chief executive of the BIA. "It is reassuring that investors have maintained their confidence in the UK’s innovative young biotech companies.

"As a sector at the cutting edge of science, the leaders of UK biotechs have continued working hard to raise capital for their R&D programmes to develop the life-changing medicines we’ll all need in the future.

"Our community is part of a global sector, and we will continue to build relationships with our international colleagues and welcome investors to our shores."

The figures suggest that the sector could break the fundraising record set in 2018, when over £1 billion of venture capital was raised.

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