Singapore-based Temasek is set to invest $800m in Alphabet’s Verily Life Sciences, which is focused on enhancing healthcare outcomes by applying the latest scientific and technological advances to significant problems in health and biology.
The investment will enable Verily to commercialize healthcare solutions, along with its development partners, in the global markets.
Temasek will own a minority stake in Verily, as a result of its investment. It will also nominate a director to the operating board of Verily.
Verily CEO Andrew Conrad said: “Temasek has a history of thoughtful and enduring capital investments, including in life sciences and healthcare, and this commitment to a long-term collaboration with Verily is a meaningful affirmation of our strategy.
“With a substantial network and insights into the economies in Asia, Temasek will provide valuable guidance as we look to ex-US markets with our development partners.”
Last December, Verily introduced a new device to help people with limited hand and arm mobility eat with confidence.
The Liftware Level device has the capacity to hold utensils level for people suffering from movement disorders.
In August 2016, Verily and GlaxoSmithKline (GSK) have created a new company to develop bioelectronic medicines.
The new JV firm, Galvani Bioelectronics, will engage in the research, development and commercialization of bioelectronic medicines.
GSK holds 55% equity interest in the new firm, while Verily owns the remaining 45% stake.