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Pharming out assets

It is no secret that pharma companies have higher development hurdles than do biotech companies. GlaxoSmithKline plc has devised an approach to monetize assets that otherwise would be shelved, while providing early-stage biotech companies with access to compounds or technology that otherwise would be very difficult to identify and even harder to acquire.
GlaxoSmithKline (LSE:GSK; GSK, London, U.K.) runs these transactions through GSK Ventures, which was formed in 2001 when Glaxo merged with SmithKline Beecham. Unlike venture firms, GSK Ventures trades internally terminated assets for equity in small to mid-size biotech companies.
According to Lisa Gray, director of venture opportunities, the goal is

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