Avalon, GSK partner to launch startups

Avalon Ventures partnered with GlaxoSmithKline plc (LSE:GSK; NYSE:GSK) to fund and launch up to 10 companies based on discovery technologies identified by Avalon across various therapy areas. Avalon will contribute up to $30 million, while GSK will provide seed funding for each newco, R&D support and preclinical and clinical milestones for up to a total of $465 million across all the companies. GSK will have an option to acquire each company from Avalon upon generation of a clinical candidate. ...