Pharmaceutical conglomerate GlaxoSmithKline (GSK) launched a Canada-based corporate venturing unit to be known as the GSK Canada Life Sciences Innovation Fund on Thursday.
The $50m fund is being established to make early stage investments in academic and health institutions, traditional research centres and startup firms embarking on innovative life sciences research, and will be managed by GSK’s central corporate venturing unit, SR One, and GSK’s Canada-based division. GSK invested more than $141m in Canadian research and development in 2010 alone.
Paul Lucas, chief executive officer of GlaxoSmithKline, said: "The GSK Canada Life Sciences Innovation Fund will provide a competitive advantage to Canada’s life sciences industry and help advance the commercialization of research. This is an important step in addressing Canada’s innovation gap and we’re excited by the prospect of developing even closer ties with leading research organizations across Canada to enhance opportunities for innovation and create new high-value jobs."
Moncef Slaoui, global chairman of research and development at GlaxoSmithKline, added: "Canada’s life sciences industry is respected around the world with many innovative companies and organizations engaged in high-potential research. The establishment of this fund demonstrates GSK’s confidence in Canada to continue to be an important source of development for medicines of value for patients."