Glaxo, Alphabet Plan $700 Million Bioelectric Treatment Venture
August 01 2016 - 4:50AM
Dow Jones News
LONDON—GlaxoSmithKline PLC and Google-parent Alphabet Inc. have
formed a joint venture to develop new bioelectronic 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 of
electrical signals to treat 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 04:35 ET (08:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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