Biofusion plc, a company which specialises in developing Intellectual Property from Universities,  has expanded its existing 10 year exclusive agreement with the University of Sheffield to include the commercialisation of all non-life science research-generated intellectual property.

The company, which will change its name from Biofusion plc to Fusion IP plc, includes more than 20 portfolio companies in the fields of clean tech energy and renewables to engineering and medical technology.

This deal will increase their annual research pipeline spend from £121.6 million to approximately £168.8  million.

Commenting on today’s announcement, David Baynes, Chief Executive Officer of Biofusion, said “We are pleased to announce the expanded 10 year agreement with the University of Sheffield and the associated fundraising. The expanded and exclusive agreement with Sheffield gives Biofusion access to all of the university’s IP and especially the university’s world class research in areas such as energy, engineering and electronics.”

“Biofusion is a leading university IP commercialisation business operating amongst a very strong peer group and today’s news endorses our current business model and reflects positively on the relationship that we have already built with the University of Sheffield. We are confident that Biofusion will continue to expand its business model across additional universities in the future.”