Avalon Ventures has announced the collaboration with GlaxoSmithKline (GSK) to create 10 life sciences companies in San Diego, US.
Avalon will find the technology, provide management and ensures that the companies meet their milestones. GSK will offer its drug development and clinical testing expertise.
According to the deal, GSK will fund around $465m to finance the companies with an option to purchase any company that suceed while Avalon will fund approximately $30m.
A joint committee of both the companies will decide if a company can be established based on the technology identified by Avalon for drug development.
The agreement includes milestones based on GlaxoSmithKline's contributions.
Source:
http://drugdiscovery.pharmaceutical-business-review.com/news/avalon-gsk-partner-to-create-10-life-sciences-companies-in-san-diego-250413
