Abu Dhabi: Mubadala Investment Company on Wednesday announced financing of £3.3 million (Dh15.92 million) for the UK-based biopharmaceutical company Zihipp Limited to help provide treatments for Obesity and diabetes.

“With the high rates of obesity and diabetes in the UAE, these new treatments promise to make a significant impact on public health,” said Abdulla Al Shamsi, head of healthcare at Mubadala.

“We are always seeking to invest in cutting-edge healthcare-related technologies that can benefit our patients,” he added.

The funding will go towards developing oxyntomodulin and PYY peptides originating in the laboratory of Professor Sir Stephen Bloom FRS at Imperial College London. Oxyntomodulin is a naturally occurring peptide hormone and has been found to suppress appetite.