Called ‘the Biotechnology Bridge’, the agreement aims to commercialise each city’s research expertise while utilising the resources, industry leaders and networks of both Helsinki and Akron. It should also create opportunities for biotech companies from Finland to establish themselves in the US.

Jussi Pajunen, the mayor of Helsinki, praised the deal as a win for both cities.

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He said: “Through this new collaboration project, such companies have the opportunity of reaching the local science and hospital network and financiers. On the other hand, there is a great interest in getting US companies to settle in Helsinki.”