Avalon, GSK invest $10m in Sitari; first deal under VC collaboration
This article was originally published in Scrip
Avalon Ventures and GlaxoSmithKline have made the first joint investment in a startup biotechnology company under their 7-month-old collaboration agreement to back 10 new biotechs with up to $495m in combined cash.
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Celiac disease specialist Sitari was the first company formed under the six-year collaboration. Three were shut down and Avalon controls the other four, which aren't compatible with GSK's new R&D focus.
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