Sweden has submitted its official offer to host the European Medicines Agency after Brexit.
The medical watchdog, which is currently based in London, regulates the development of medicines and research into their effectiveness, such as clinical trials.
The document, published by the Swedish government, says that locating the organisation in Stockholm comes with the advantages of it being close to Sweden’s top ranked university, the Karolinska Institute, and the Nobel Assembly.
It adds that it would also be near to the European Centres for Disease Prevention and Control, which would create “synergy effects” that could save resources.
"The European Medicines Agency is strategically important for the EU's global competitiveness. We are convinced that Sweden's offer is best able to benefit the EMA and the EU as a whole," Prime Minister Stefan Löfven said in a statement.
The EU Medicines Agency is part of the UK's life sciences industry and works closely with pharmaceutical companies and academics.
Earlier this year, Sweden launched a website listing the reasons why the organisation should relocate there.
Sweden faces competition from Ireland, Italy, Denmark and Poland, which would also like to host the agency. The Council of the European Union is due to make its final decision in November.