GSK and Avalon announce the first startup fruit of $495m biotech alliance announced in April.

Pharmaceutical giant GlaxoSmithKline (GSK) and US-based VC Avalon Ventures have announced the creation of the first of up to ten San Diego-based biotech firms as part of a $495m alliance signed in April. Sitari Pharmaceuticals, which is using technology licensed from Stanford University, will receive a total of $10m from Avalon and GSK to get…

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