UK-listed pharmaceutical company GlaxoSmithKline will own 18% of Convergence after asset spin-off.
UK-listed pharmaceutical company GlaxoSmithKline (GSK) has spun out under-utilised clinical assets to form Convergence Pharmaceuticals, which is being financed by three venture capital (VC) firms.
In return for its assets, GSK will own 18% of Convergence. The three VCs, SV Life Sciences, Apposite Capital and New Leaf Venture Partners, are providing £22.4m ($35.6m).
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