GSK, Avalon sign drug-discovery startup alliance

04/23/2013 | Reuters

GlaxoSmithKline teamed up with venture capital firm Avalon Ventures to provide funding to up to 10 drug-discovery startup firms that will be established by Avalon within three years. GSK will contribute up to $465 million while Avalon will provide as much as $30 million. GSK will have an option to purchase each startup.

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