Glaxo, Google to Invest $714 Million in New Bio-Electronic Treatment Venture
August 01 2016 - 03:08AM
Dow Jones News
By Tapan Panchal
LONDON--GlaxoSmithKline PLC (GSK.LN) and Google parent Alphabet
Inc. (GOOG) have formed a joint venture company to develop new
bio-electronic medical treatments in which they could initially
invest more than $700 million.
The U.K. pharmaceutical company said on Monday it has signed an
agreement with Verily Life Sciences LLC, formerly Google Life
Sciences, to create Galvani Bioelectronics to research, develop and
commercialize next-generation treatments involving the use
electrical signals to cure diseases.
Glaxo will hold a 55% stake in Galvani and Verily will hold 45%.
The parent companies plan to invest up to 540 million pounds
($713.99 million) over seven years in the venture.
Galvani Bioelectronics will be based at Glaxo's research center
in Stevenage in the U.K., with a second research hub at Verily's
facilities in San Francisco, California, Glaxo said.
Write to Tapan Panchal at tapan.panchal@wsj.com
(END) Dow Jones Newswires
August 01, 2016 02:53 ET (06:53 GMT)
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