Home Breaking British drug giant invests $300m in Silicon Valley’s 23andMe

British drug giant invests $300m in Silicon Valley’s 23andMe

by Purvai Dua
25th Jul 18 2:10 pm

GlaxoSmithKline has struck a big bet on genetics as it announced today that it is buying a $300 million stake in 23andMe, a Silicon Valley-based gene testing company.

“During this time, the companies will use 23andMe’s rich database and proprietary statistical analytics to fuel drug target discovery, with the goal of jointly discovering novel targets that can progress into development,” the British drug giant said about the tie-up and also unveiled a £1.7bn three-year cost-cutting programme.

Emma Walmsley, chief executive added: “We are reallocating resources to support this new R&D approach, and savings realised from the new major restructuring programme will be used to help fund targeted increases in R&D spending as well as support new products.”

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