GSK, J&J Back New $198.5M Incubator Fund

Law360, New York (March 21, 2012, 1:32 PM EDT) -- Pharmaceutical giants GlaxoSmithKline PLC and Johnson & Johnson have put their weight behind a new €150 million ($198.5 million) venture capital fund promoting life science startups, in a rare step that will give them an early peek at up-and-coming new drugs, Index Ventures announced Wednesday.

As part of the investment, the companies will have two executives each on a nine-member scientific advisory board of the fund, Index Ventures said. But the London-based venture capital firm maintains that it will hold “full decision-making right to the portfolio...
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