An international drug giant and a La Jolla venture capital firm are expanding their partnership to create local biotech companies, a sign that the partnership — and the promise of new disease therapies — is progressing.
GSK will increase potential milestone payments to Avalon Ventures from $40 million to $50 million for each biotech formed. In return, the venture capital firm is assuming more risk by increasing its proportion of funding by an undisclosed amount.
Johns Hopkins University and Luminox-Health, an Israeli healthcare startup specializing in digital medicine, will collaborate with a new entity that will invest $30 million into Israeli digital medicine ventures, according to Globes. The cooperative agreement will be officially announced next Wednesday at the Peres Peace Center, at an event titled “Israel Launches its New Innovation Frontier.” Former Israeli Prime Minister and President Shimon Peres, Chief Scientist Hasson, and representatives of Johns Hopkins and Luminox-Health are expected to take part in the event. This agreement comes after the university signed a multi-year agreement with Israeli health startup Luminox in September to establish an accelerator for Israeli digital health startups.
ZS Pharma, a biotech firm that was launched out of the Tech Fort Worth business incubator, has agreed to be acquired by AstraZeneca Plc for $2.7 billion in cash.
ZS Pharma investors will get $90 per share, London-based AstraZeneca said in a statement. That’s a 42 percent premium to Thursday’s close. The board of San Mateo, California-based ZS Pharma agreed to the transaction.
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AstraZeneca entered into a definitive agreement Friday to buy ZS Pharma, a California biotechnology company, for $2.7 billion.
ZS Pharma (NASDAQ: ZSPH) of San Mateo, Calif., has an application seeking approval for ZS-9, its experimental treatment for hyperkalaemia, under review with the Food and Drug Administration. A European marketing application is expected before the end of the year.
The new venture is expected to make its first investments in the first quarter of 2016.
A new business entity will invest $30 million in Israeli digital medicine ventures, sources inform “Globes.” Collaborating with the venture will be US hospital Johns Hopkins, one of the world’s largest medical institutions,and Luminox-Health, an Israeli group dealing in digital medicine.
Johns Hopkins’s annual budget is more than $7 billion, and the new venture is expected to make its first investments already in the first quarter of 2016.
QIAGEN N.V. has announced the start of commercialization activities for its GeneReader NGS System, the first complete Sample to Insight next-generation sequencing (NGS) solution designed for any laboratory to deliver actionable results.
With the introduction of the GeneReader NGS System, QIAGEN is offering the world’s first truly end-to-end NGS workflow from primary sample to a final report that provides a simpler, more cost-effective way for clinical testing to take advantage of NGS technology and improve outcomes.
Greenspring Associates has closed its seventh venture capital fund-of-funds at $430 million, the firm announced today.
Greenspring Global Partners VII, L.P will focus on established and emerging VC managers, expansion stage companies and secondary stakes in funds and companies.
Owings Mills venture firm Greenspring Associates has raised $430 million to invest in promising information technology companies.
Seventy percent of the fund, called Greenspring Global Partners VII, will be invested in about 25 venture capital managers that invest in early stage information technology companies. The remaining 30 percent of the fund will be invested directly into expansion stage IT companies with high growth potential.
The Maryland Technology Development Corporation (TEDCO) announced today that it is hosting a local competition in the U.S. Small Business Administration (SBA) 2016 InnovateHER: Innovating for Women Challenge. InnovateHER provides an opportunity for entrepreneurs throughout Maryland to compete for $70,000 in cash prizes by showcasing products and services that have a measurable impact on the lives of women and families, have the potential for commercialization, and fill a need in the marketplace.
“57% of working age women participate in the labor force, 74% of employed women work full-time, and 70% of working women have children under the age of 18,” said Rob Rosenbaum, President and Executive Director of TEDCO. “As demands on women and families grow, the need for products and services that address these unique challenges increases – we are hopeful that InnovateHER will identify some high potential solutions.”
