GlaxoSmithKline (GSK), a UK-listed drugs group, has committed $50m to a planned $250m fund being raised by venture capital firm Sanderling Ventures.

GSK said it had committed the money to Sanderling VII at investment bank JP Morgan’s biotech conference this month, according to news provider FierceBiotech.

GSK had previously committed to Index Ventures, which is backing startups in Europe, the U.S, and Israel.

Sanderling has backed more than 90 start-ups since 1979 and raised $421m for its previous fund in 2004. Its recent exits include CR Bard acquiring Neomend for up to $165m and deals include CalciMedica’s $6m round from a consortium includng SR One, GSK’s corporate venturing unit.

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