Verily Announces Partnership With Temasek

By Bio-IT World Staff 

January 27, 2017 | Verily Life Sciences today announced that it will partner with Temasek as it advances plans to commercialize healthcare solutions for global markets with its development partners. Temasek will invest US$800 million in Verily in exchange for a minority stake in the company. The first closing of the transaction, representing the majority of the investment, will take place in the first quarter of 2017, and Verily expects a second closing, representing the remainder of Temasek’s investment, in the second half of 2017.

“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,” Andrew Conrad, CEO of Verily, wrote in a statement. “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.”

Verily also announced that Temasek will nominate a director to its operating board.