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ALPHABET INC.

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Glaxo, Alphabet Plan $700 Million Bioelectric Treatment Venture -- Update

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08/01/2016 | 04:40am EST
By Denise Roland 

LONDON-- GlaxoSmithKline PLC and Google-parent Alphabet Inc. have teamed up to develop what they call bioelectronic medicines, or treatments that use miniature electronic devices to modify how electrical impulses are transmitted around the nervous system.

The U.K pharmaceutical company said it had signed an agreement with Verily Life Sciences LLC, formerly Google Life Sciences, to create Galvani Bioelectronics. It said the pair would spend up to GBP540 million ($700 million) over seven years on the venture, provided they succeeded in hitting various milestones along the way. Glaxo will control 55% of the new company with Verily holding the rest.

Many biological processes are controlled by electrical signals transmitted from the nervous system to the body's organs. Glaxo said early-stage research in its laboratories suggested that distortions of those signaling pathways were involved in several long-term diseases including diabetes, asthma and arthritis.

Galvani Bioelectronics would bring together Glaxo's knowledge of drug discovery and development with Verily's expertise in miniaturizing low-power electronics, data analytics and building software for clinical applications, Glaxo said.

Initial work would focus on developing miniature electronic devices to test out that concept in humans for the first time, Glaxo said.

The treatment would likely work by attaching miniature electronic devices to individual nerves, according to Moncef Slaoui, Glaxo's head of vaccines who is also chairman of Galvani Bioelectronics.

"If successful, this approach offers the potential for a new therapeutic modality alongside traditional medicines and vaccines," Mr. Slaoui said.

Several pharmaceutical companies have teamed up with Google's parent to develop new digital approaches to medicine. Novartis AG is working with the tech giant to develop a "smart contact lens" for diabetes patients that can monitor blood glucose levels in tears. Sanofi SA is also working with Google on new ways to monitor and treat diabetes.

Kris Famm, who heads up Bioelectronics research at Glaxo, will be president of the new company. Andrew Conrad, Chief Executive of Verily, will sit on Galvani's board.

Galvani Bioelectronics will be based at Glaxo's research center in Stevenage in the U.K., with a second research hub at Verily's facilities in San Francisco, California, Glaxo said.

The U.K. government said that decision demonstrated the "global appeal" of Britain's scientific expertise. It is the second time Glaxo has announced a large investment in the U.K since Britons voted to leave the European Union in a referendum in June.

Last week, the company said it would spend GBP275 million to increase capacity at three of its U.K. factories, a decision Chief Executive Andrew Witty said was made despite Britain's Brexit vote.

-- Tapan Panchal contributed to this article.

Write to Denise Roland at Denise.Roland@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -2.21% 1483.46 Delayed Quote.13.26%
GLAXOSMITHKLINE 0.50% 1658.2 Delayed Quote.-6.79%
HUB CO., LTD. 0.00%End-of-day quote.0.00%
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Sales 2020 191 B
EBIT 2020 41 566 M
Net income 2020 37 249 M
Finance 2020 137 B
Yield 2020 -
P/E ratio 2020 27,6x
P/E ratio 2021 23,7x
EV / Sales2020 4,63x
EV / Sales2021 3,82x
Capitalization 1 020 B
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