Singapore-based Temasek is sinking $800 million into Verily, Google’s life sciences division which has set out to commercialize new products globally.
Most of that money will land in Q1, with the rest coming before the end of the year. In exchange, Temasek is gaining a minority stake in Verily and will be dispatching a new board member to represent its interest.
The investment company has a $242 billion portfolio with interests that cover a broad range of fields, including life sciences, specially focused on emerging markets. Now it will collaborate with Verily on its global marketing plans.
Verily has been on a deal spree in recent months, partnering with Sanofi on a new tech platform for managing diabetes, creating a $713 million joint venture with GlaxoSmithKline on nanotech-based bioelectronic therapeutics, and more.
The company has been taken to task by STAT for overpromising and underdelivering, though that hasn’t crimped its style in the least bit.
“Temasek has a history of thoughtful and enduring capital investments, including in life sciences and healthcare, and this commitment to a long-term collaboration with Verily is a meaningful affirmation of our strategy,” said Andrew Conrad, CEO of Verily. “With a substantial network and insights into the economies in Asia, Temasek will provide valuable guidance as we look to ex-US markets with our development partners.”
The best place to read Endpoints News? In your inbox.
Full-text daily reports for those who discover, develop, and market drugs. Join 21,000+ biopharma pros who read Endpoints News by email every day.Free Subscription