GSK Invests in Pharma Start-Up Company

iStock_000006963239Medium[1]It has been announced that the global pharmaceutical company, GlaxoSmithKline (GSK) has invested in a new biotech company, Convergence Pharmaceuticals LTD. This start-up company works on developing analgesic compounds.

GSK currently holds 18 per cent of the biotechnology company which was officially launched on Tuesday having raised $35.4 million in Series A financing from European and U.S. investors. U.K.-based GSK (NYSE: GSK).

Under the agreement, Convergence has acquired two clinical stage drugs from GSK along with rights to other early stage compounds. GSK will be eligible to receive additional shares in the new company at certain milestones.

GSK will take up an observer role on Convergence’s board.

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