GlaxoSmithKline and Avalon Ventures in first-of-its-kind program to fuel early-stage innovation

San Diego, USA-based Avalon Ventures has entered into a collaboration with UK pharma giant GlaxoSmithKline (LSE: GSK) to fund and launch up to 10 early-stage life science companies in San Diego. This first-of-its-kind collaboration combines Avalon Ventures' successful approach of investing in early-stage life science innovation with GSK's expertise and resources in drug discovery and development.

Avalon Ventures will identify promising new technologies focusing on early-stage discovery across various therapy areas. A joint management committee of Avalon and GSK will then approve the formation of new companies based upon these technologies. Together, Avalon and GSK will finance these newly-established companies.

GSK to provide $465 million