Industry backs U.K.'s $100M dementia fund

The U.K. government unveiled its $100 million Dementia Discovery Fund to support dementia research. The fund's investors include GlaxoSmithKline plc (LSE:GSK; NYSE:GSK), Johnson & Johnson (NYSE:JNJ), Biogen Idec Inc.(NASDAQ:BIIB), Eli Lilly and Co. (NYSE:LLY) and Pfizer Inc. (NYSE:PFE), as well as Alzheimer's Research UK and the U.K. government. The fund is expected to operate like a typical venture capital fund. Proceeds from licensing or sale of programs in which it invests will be returned to the fund and its investors.

GSK invested $25 million (L16.9 million), while J&J invested $10 million (L6.8 million) through its venture arm, Johnson & Johnson Innovation-JJDC Inc. The U.K. government committed L15 million ($22.2 million) last fall. Additional investors may participate in the fund in future rounds. ...