Bay Area Startup Benefits from GSK Portfolio Deal
GlaxoSmithKline’s $500 million portfolio with Avalon Ventures invested in its in first startup with technology licensed from Stanford University.
According to Fierce Biotech, the San Diego-based venture group and its partners at GSK are funding San Diego-based Sitari Pharmaceuticals with $10 million in cash and research support, with an R&D assist coming from the pharma giant.
The GSK venture is just one of several opportunities becoming available to BayBio members and Bay Area startups as large pharma recognizes the innovation generated by our community. In one of the most challenging economic environments the industry has ever experienced, BayBio has responded by connecting entrepreneurs with traditional and new sources of capital and resources.
Since starting its Pharma Partnering Day Program nearly two years ago, BayBio has introduced nearly 160 companies to seven large pharmaceutical companies and one disease foundation. And large pharma is participating in more than just funding rounds.
The Bayer CoLaborator includes basic equipment for life science startups to quickly begin putting their ideas to the test. Bayer support includes Environmental Health & Safety and Biosafety licenses, and access to nearby UCSF core services such as imaging, bioinformatics, and proteomics. Partnering with Bayer can also provide access to the global expertise and equipment of Bayer’s research network.
Janssen Labs@QB3 is 5,000 sq ft satellite site consisting of lab and office space within QB3′s newly renovated 24,000 sq ft location at 953 Indiana St., San Francisco, CA Similar to the flagship Janssen Labs in San Diego, Janssen Labs @QB3 will provide an open-innovation, no-strings-attached environment with shared equipment and modern facilities.