GlaxoSmithKline will invest as much as $465 million to fund and potentially acquire 10 biotechnology startups founded by Avalon Ventures, which will give the venture capital firm up to a 13x return on its $30 million invested in the collaboration to back early-stage discovery platforms and drug candidates.
The agreement gets GSK closer to assets it wouldn't be able to access otherwise and takes some of the financial risk out of Avalon's investments (scripintelligence.com, 23 April 2013)