Deals Of The Week Ponders Project Financing
GSK has been out ahead of other big pharmas when it comes to investing in venture funds. Its deal with Avalon Ventures adds a new twist – investing as a partner rather than an LP and creating single-asset companies. Plus other notable deals involving Merck, AstraZeneca, Opko Health and more . . .
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The pharma pledges $50 million to the California firm’s new seventh round, which it anticipates closing more than eight years after its sixth. For GSK, it’s the latest tie-up with a VC firm as part of a regional investment strategy.
Index Life VI is the first life-sciences-only fund for Index; GSK’s Moncef Slaoui and J&J’s Paul Stoffels are on scientific advisory board.
Pfizer developed crizotinib and its companion diagnostic in just four years after identifying an aberrant ALK gene as the target, spanning a corporate restructuring, the Wyeth integration, and the departure of senior staff in the R&D organization and oncology BU. The next year or so will tell whether Xalkori was a flash in the pan, or whether it marks the long awaited turnaround for Pfizer’s oncology business and a model for nimble drug development.