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.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
7 day trial access
Become a subscriber
Or £77 per month
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze