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GSK Buys One Of Eight Firms Formed In VC Partnership With Avalon

 
• By Jessica Merrill and Mandy Jackson

Celiac disease specialist Sitari was the first company formed under the six-year collaboration. Three were shut down and Avalon controls the other four, which aren't compatible with GSK's new R&D focus.

GSK and Avalon co-funded eight start-ups and GSK bought one: Sitari. • Source: Shutterstock

GlaxoSmithKline PLC's six-year old drug development collaboration with Avalon Ventures has resulted in a single acquisition by GSK. The companies announced on 11 September that GSK will buy Sitari Pharmaceuticals, the first company formed under the GSK-Avalon partnership in 2013.

Avalon managing director Jay Lichter told Scrip that of the eight companies formed under its agreement with GSK – one that had the big pharma investing $465m on top of...

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