GSK and Avalon commit $495m to startups
This article was originally published in Scrip
Executive Summary
In a deal meant to address the lack of funding for early-stage biotechnology companies, GlaxoSmithKline has committed up to $465 million, which will be combined with as much as $30 million from Avalon Ventures, to finance about 10 startups – and potential GSK acquisition targets – that will be headquartered in Avalon's home base of San Diego.