GlaxoSmithKline, Verily deal

GlaxoSmithKline and Verily formed newco Galvani Bioelectronics to develop and commercialize bioelectronic medicines. The companies each will contribute existing IP to Galvani and provide up to L540 million ($713.9 million) in funding over seven years. GSK will own 55% of the U.K.-based newco, and Verily will own the rest.

Galvani will initially employ about 30 scientists, engineers and clinicians to develop clinical proof of principle for bioelectronic medicines in inflammatory, metabolic and endocrine disorders, including Type II diabetes. ...