$495 Million Deal Between GlaxoSmithKline and Avalon to Form Up to 10 Biotechs in San Diego
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GlaxoSmithKline said on Monday it will partner with venture capitalists Avalon Ventures in a deal worth up to $495 million to fund as many as 10 drug-discovery startup companies over the next three years. GSK will provide financing and technical support to startups established by Avalon Ventures and will have first rights on buying each new company, GSK spokeswoman Melinda Stubbee said. Avalon will contribute up to $30 million to the collaboration, and Glaxo will provide as much as $465 million in initial funding and development milestone payments, Stubbee said.
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GlaxoSmithKline said on Monday it will partner with venture capitalists Avalon Ventures in a deal worth up to $495 million to fund as many as 10 drug-discovery startup companies over the next three years. GSK will provide financing and technical support to startups established by Avalon Ventures and will have first rights on buying each new company, GSK spokeswoman Melinda Stubbee said. Avalon will contribute up to $30 million to the collaboration, and Glaxo will provide as much as $465 million in initial funding and development milestone payments, Stubbee said.
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