GSK and Google form bioelectric meds company

UK pharma major GlaxoSmithKline (LSE: GSK) has announced an agreement with Verily Life Sciences – formerly Google Life Sciences – to form Galvani Bioelectronics, a new company aimed at researching, developing and commercializing bioelectric medicines.

GSK will hold a 55% equity interest in the new jointly-owned company and 45% will be owned by Verily, which is a subsidiary of Alphabet, a US conglomerate which is the parent company of technology giant Google (Nasdaq: GOOGL).

Galvani Bioelectronics will be headquartered in the UK, with the parent companies contributing existing intellectual property rights and an investment of up to £540 million ($713.6 million) over seven years, subject to successful completion of various discovery and development milestones.