The Medical Research Council is in advanced talks with Chinese authorities to attract up to £500m in investment to the UK over the next five years in an innovative partnership that could save 850 scientific jobs.
Discussions centre on a new drug development company that would salvage employment at British pharmaceutical research facilities earmarked for closure.
Dave Tapolczay, head of MRC Technology, the commercial arm of the UK research funding body, said the talks could be finalised as soon as Friday.
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