The head of UK-based pharmaceutical company GlaxoSmithKline's corporate venturing unit, Jens Eckstein, becomes one of two directors joining BioHealth Innovation, a public-private partnership focused on commercialising biotech innovations and increasing access to early stage companies in Central Maryland in the US.

The $200m corporate venturing unit of Baxter International, Baxter Ventures, leads a $38m B round into Naurex, a US-based drug developer.

German-based biotech start-up Ayoxxa Biosystems closes a $3.4m Series A round, which is led by Wellington Partners Venture Capital.

Novo Ventures leads a $32m Series A into US-based biotechnology company Allakos for the development of antibody therapeutics for inflammatory diseases, in a round joined by Roche Venture Fund.

Medtronic is one of two strategic investors backing MC10's technology, which makes it is easier to twist, stretch and expand integrated circuits, which can be used inside or on the human body.

If the InSightec deal ends up being a stellar exit for GE a few years from now, it would surely make an interesting case study for how spin-offs can successfully value for their parent corporate, while minimising risk of the parent while it sees how the technological roll out pans out.

Lundbeckfond Ventures and SR one co-lead a $17m Series A round into US-based River Vision Development Corp, a company managed under contract with Narrow River for developing the drug RV001

US-based 23andMe, a genetics company backed by Google, raises $50m in Series D funding

MedImmune Ventures and CVF co-lead a $19m Series C into US-based medical device company Cerapedics.

Biotechnology company Sharklet Technologies has received $2m in Series B funding from Altria Ventures in exchange for a 12.5% stake in the company.