Lon Cardon, senior vice-president of alternative discovery and development at GSK, said: "The initiative is modeled in part on GSK's successful Discovery Partnerships with Academia (DPAc) program, which now has eight projects underway with universities in the US, Canada and the UK."

GlaxoSmithKline (GSK), a UK-listed drugs company, will partner with venture capital firm Avalon Ventures to co-invest in up to 10 start-ups over the next three years. US-based Avalon, which last year raised $200m for its tenth fund, will invest $30m into the start-ups. GSK will provide company seed funding, research and development support and success-based…

The rest of this content is only accessible to Global Venturing Subscribers.

This content is only accessible to subscribers. If you are a subscriber, please sign in. Otherwise, if you would like to try before you buy and haven't previously taken out a free trial, you can do so below. You can also see details on subscriptions by clicking the Subscription Options button.