Report: GSK to fund venture firm, back start-ups

Tue, 06 May 2008 06:59:57 -0400

In Vivo is reporting that GlaxoSmithKline plans to set aside up to $500 million for a new venture fund that will support its internal R&D work as well as fund start-ups created from de-prioritized assets. GSK President of Pharmaceuticals Russell Greig will take control of the fund June 2, according to In Vivo, relying in part on his contacts developed during his days as senior VP of world-wide business development. The GSK Venture Fund will include SR One, which has invested $550 million in 125 companies but has not sought to directly link their investments to Glaxo's work.

- check out the report from In Vivo