The deal is designed to make negotiations around commercialisation frictionless and end complex and drawn out ‘deal-by-deal' negotiations.

Professor Geraint Rees, UCL vice-provost (Research, Innovation and Global Engagement) said: ‘UCLH and GOSH are close and longstanding partners. This simple, standard and fair agreement between the three partners will be attractive to investors, eliminate the need for time consuming case-by-case negotiations and ensure any financial proceeds come back as quickly as possible into the local NHS and university ecosystem.

‘But most importantly, this agreement will shorten the time for us to create new technologies and treatments that will benefit patients both in London and throughout the UK.'

The deal terms means where there have been relevant contributions from both UCL and UCLH or GOSH, then after deducting the costs of commercialisation and any reward for individual inventors, UCL/UCLB will share the proceeds of commercialisation 50:50 with the relevant NHS trust.