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GSK Spins Out Pain Assets Into Convergence

 
• By Melanie Senior

The first spin-out company to result from GlaxoSmith-Kline PLC’s exit from key CNS areas including pain and depression was announced on October 4. UK-based Convergence Pharmaceuticals Ltd. raised $35.4 million (£22.4 million) in one of Europe’s largest Series A rounds.

The first spin-out company to result from GlaxoSmithKline PLC's exit from key CNS areas including pain and depression was announced on October 4. UK-based Convergence Pharmaceuticals Ltd. raised $35.4 million (£22.4 million) in one of Europe's largest Series A rounds, from Apposite Capital, New Leaf Venture Partners and SV Life Sciences. [See Deal][See Deal]

GSK retains an 18% equity stake and an observer role on the board, but there are no other strings attached. Further spin-outs are likely to follow, according to VCs.

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