GSK Will Be A Limited Partner In Sanderling Ventures’ New Fund
This article was originally published in The Pink Sheet Daily
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.
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Atlas pledges to explore areas of mutual interest to the firm and its new corporate limited partners, but the drug firms won’t receive exclusive rights to anything in the new fund’s portfolio.
Entering its fourth decade, Avalon fights through “dark days” and taps GlaxoSmithKline to help fund its next crop of early-stage start-ups. In exchange, it must deliver assets, not platforms, to trigger a GSK acquisition of those start-ups, with pre-arranged returns.
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 . . .