In order to identify and address the Research Data Management needs of UK bioscience researchers, in 2020 UK Research and Innovation (UKRI) Biotechnology and Biological Science Research Council (BBSRC), UKRI Medical Research Council (MRC) and Wellcome Trust funded a 9-month study to gather evidence about the adoption of the Findable, Accessible, Interoperable, Reusable (FAIR) principles, and evaluate the feasibility and impact of the creation of a new UK Institute (tentatively called "BioFAIR") delivering a FAIR Data and Method BioCommons. This is the final report of this feasibility study and has followed the standard business case process in use by UKRI and BEIS. It has been carried out by Technopolis Group in collaboration with ELIXIR-UK (the UK Node of ELIXIR) and has involved a wide-ranging programme of desk research, stakeholder consultations (online researcher surveys and institutional interviews) and a series of deliberative discussions with groups of UKRI funders, the ELIXIR-UK All Hands workshop and the ELIXIR-UK Scientific and Industry Advisory Board. The report is underpinned by a series of analytical presentations and reports, including the results of the online survey, international comparisons and cost-benefit analysis.