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GlaxoSmithKline is investing 17.5 million euros ($23.5 million) in a new venture fund to invest in drugs for rare diseases, underscoring the growing role of big drugmakers in backing start-up companies. GSK and many of its rivals are becoming more active in funding early-stage companies, reflecting both a desire to tap into smart ideas from outside their own laboratories and a scarcity of finance from many traditional venture capital firms. The new Kurma Biofund II fund, which has raised 44 million euros to date, is the first venture capital fund dedicated to financing innovation in the rare diseases field by working with a network of European research institutes.
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