GSK spins out pain assets to Convergence
This article was originally published in Scrip
Eight months after announcing that it would stop research in areas such as depression and pain, GlaxoSmithKline today spun out Convergence Pharmaceuticals based on such assets. A syndicate of blue chip venture capitalists, involving SV Life Sciences, Apposite Capital and New Leaf Venture Partners, has said it will invest £22.4 million in a series A round in the new company to further develop former GSK pipeline molecules identified by Convergence's chief scientific officer Dr Simon Tate.
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