Michael Dexter, director of the Wellcome Trust, this week warned that the charity's recent failure to win planning permission for a Pounds 100 million expansion of its genome campus near Cambridge could force it to carry out the investment overseas.
The trust wants to create an innovation centre at its Hinxton Hall site to allow new companies to be formed on the back of genomics research at the centre.
Dr Dexter said the rejection of its 40,000 square-metre development proposal means the overseas option will be "seriously considered" when the trust's board of governors meets next week.
"I am reluctant to go down this road," he said, "but we have always made it clear that this development has to be next to a world-leading centre of genomics research such as the Hinxton Hall genome campus."
The United States boasts several such centres around Washington, California and Boston that could meet the trust's demands, he said. Several UK locations will also be considered.
The Department of the Environment has left the door open for a new bid for up to 24,000 square metres. It says this is more than sufficient for fledgling companies, ruling out extra space for established biotechnology firms. It also said the trust "did not argue that the presence of larger, established companies on the extended campus would meet an essential need".
Dr Dexter said: "It is bizzare to argue we had not made the case for synergy between the two types of company. We could work up a new bid for 24,000 square metres provided we do not have the constraint of not being able to have established firms with small R&D teams on the site."