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UPDATE: GSK and Avalon commit $495m to startups

This article was originally published in Scrip

Executive Summary

GlaxoSmithKline will invest as much as $465 million to fund and potentially acquire 10 biotechnology startups founded by Avalon Ventures, which will give the venture capital firm up to a 13x return on its $30 million invested in the collaboration to back early-stage discovery platforms and drug candidates.

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