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| Name | Symbol | Market | Type |
|---|---|---|---|
| GSK plc | NYSE:GSK | NYSE | Depository Receipt |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.20 | 0.49% | 41.11 | 41.3125 | 40.87 | 40.95 | 2,730,464 | 21:00:02 |
From Apr 2019 to Apr 2024
By Tapan Panchal
LONDON--GlaxoSmithKline PLC (GSK.LN) and Google parent Alphabet Inc. (GOOG) have formed a joint venture company to develop new bio-electronic medical treatments in which they could initially invest more than $700 million.
The U.K. pharmaceutical company said on Monday it has signed an agreement with Verily Life Sciences LLC, formerly Google Life Sciences, to create Galvani Bioelectronics to research, develop and commercialize next-generation treatments involving the use electrical signals to cure diseases.
Glaxo will hold a 55% stake in Galvani and Verily will hold 45%. The parent companies plan to invest up to 540 million pounds ($713.99 million) over seven years in the venture.
Galvani Bioelectronics will be based at Glaxo's research center in Stevenage in the U.K., with a second research hub at Verily's facilities in San Francisco, California, Glaxo said.
Write to Tapan Panchal at tapan.panchal@wsj.com
(END) Dow Jones Newswires
August 01, 2016 02:53 ET (06:53 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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