The $300 million fund will back public and private firms in late stage drug development.
Continuing its foray into global medical research and a potential long-term healthcare business, Google invests alongside Novartis in a $300 million European biotech fund, according to an article from Reuters. The fund is run by life sciences investment firm Medicxi and will reportedly back public and private firms in late stage drug development.
Google’s recent healthcare moves include deals between Verily, a unit of Google parent Alphabet, and GlaxoSmithKline, Johnson & Johnson and others involving technologies ranging from diabetes management to robotic surgery, according to Reuters. Former U.S. Food and Drug Administration head Robert Califf has also joined the Verily team. Other initiatives reportedly involve treatments to fight aging by Calico, another Google business, and investment in dozens of U.S. healthcare start-ups. According to Reuters, Verily will appoint two members to the new fund’s scientific advisory board.
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