GSK Forms Bioelectronics Venture With Alphabet
Sumaira FH Published August 01, 2016 | 04:27 PM
LONDON, (UrduPoint / Pakistan Point News - 1st August, 2016) : British drugs giant GlaxoSmithKline announced Monday that it will form a joint venture with Google's parent company Alphabet to research and develop so-called bioelectronic medicines. GSK has agreed with Verily Life Sciences (formerly Google Life Sciences) to create a new company called Galvani Bioelectronics, it said in a statement. The venture will be headquartered in Britain and will receive a total investment of up to #540 million ($714 million, 640 million Euros) over seven years. GSK will hold a majority of 55 percent in the group and Verily will have a 45 percent stake. "Bioelectronic medicine is a relatively new scientific field that aims to tackle a wide range of chronic diseases using miniaturised, implantable devices that can modify electrical signals that pass along nerves in the body, including irregular or altered impulses that occur in many illnesses," the statement added.
"GSK has been active in this field since 2012 and believes certain chronic conditions such as arthritis, diabetes and asthma could potentially be treated using these devices." Monday's announcement comes one week after GSK revealed plans to invest #275 million into three of its British manufacturing sites, shrugging off worries over economic fallout arising from Brexit. That investment will be ploughed into facilities in Barnard Castle in northeastern England, Ware in the southeast, and Montrose in Scotland.
PSL 9: Lahore Qalandars set 167-run target for Multan Sultans
Famous Newscaster Farhana Owais honored
Babar Azam quickest to 10000 T20 runs
Stock markets diverge before Nvidia results, Fed minutes
Gaza, Ukraine loom large as G20 foreign ministers meet
ISSI hosts public talk on 'Stabilizing Pakistan's Economy'
EU Funding Empowers Pakistan’s Flood-Affected Communities Through Cash Assista ..
Secretary Information condoles demise of senior journalist Nazir Naji
KU 21 Senate meeting approves annual actual statement of accounts
Pakistan keen to boost chromium ore exports to China
PML-N, MQM pledge continued federal level cooperation
More Stories From Pakistan
Famous Newscaster Farhana Owais honored54 minutes ago
ISSI hosts public talk on 'Stabilizing Pakistan's Economy'54 minutes ago
EU Funding Empowers Pakistan’s Flood-Affected Communities Through Cash Assistance54 minutes ago
Secretary Information condoles demise of senior journalist Nazir Naji54 minutes ago
KU 21 Senate meeting approves annual actual statement of accounts57 minutes ago
PML-N, MQM pledge continued federal level cooperation57 minutes ago
DC visits Allied Hospital-1 to review patients’ registration1 hour ago
Caretaker Chief Minister Punjab Mohsin Naqvi lays foundation stone of Al-Aleem Medical College Audit ..1 hour ago
IHC disposes of pleas against elections results of Capital's 3 constituencies1 hour ago
Pakistani food items exports sets o cross $7 bn by year’s end: Motiwala1 hour ago
SFA inaugurates Food Testing Lab in Tando Jam1 hour ago
Sindh Appellate Tribunal of LC's hearing in Hyderabad on Feb 241 hour ago