UK Drug Maker Plans a Joint Venture With Alphabet Inc for Reseach and Developing Bioelectronic Medicine
UK’s biggest drug maker GlaxoSmithiKline is planning to form a joint venture with Google parent Alphabet Inc life sciences business to do research and develop bioelectronic medicines. Glaxo is holding a 55 percent stake in th venture that they named Galvani Bioelectronics and Alphabet’s Verily Life Sciences LLC holds 45 percent. Both companies makes an investment of 540 million pounds in the span of seven years which will be subjected to completion of milestones.
Glaxo is also looking for new sources of revenue growth as their blockbuster respiratory treatment Advair is facing the threat of generics in the US Bioelectronic medicine in a new field which aims in tackling chronic diseases by using miniature implanted devices which modifies electrical signals passing along nerves in the body. Researchers in Glaxo believes that conditions such as arthritis, asthma and diabetes can be treated using these devices. Verily will be using technology in developing software and hardware in the healthcare fields and is one of Alphabet’s Inc most important new ventures, which resides in the tech giant’s Other Bets division together with smart home device maker Nest and fast internet service provider Fiber.
For the second quarter, Other Bets has generated $185 million in revenue and Alphabet Chief Financial Officer that the revenues came mostly from Nest, Fiber and Verily. Meanwhile Verily is working extensively with traditional pharmaceutical companies, such as developing smart contact lenses which measure glucose with Novartis AG and is also helping out Biogen Inc in the study of the progression of multiple sclerosis using sensors and data analysis tools.
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