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Avalon, GSK invest $10m in Sitari; first deal under VC collaboration

 
• By Mandy Jackson

Avalon Ventures and GlaxoSmithKline have made the first joint investment in a startup biotechnology company under their 7-month-old collaboration agreement to back 10 new biotechs with up to $495m in combined cash.

Avalon Ventures and GlaxoSmithKline have made the first joint investment in a startup biotechnology company under their 7-month-old collaboration agreement to back 10 new biotechs with up to $495m in combined cash.

The investment partners put up $10m in Series A cash so that Sitari Pharmaceuticals can develop a therapeutic candidate to...

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