GlaxoSmithKline and Google's Alphabet team up for new biotech firm

Britain-based GlaxoSmithKline and Verily Life Sciences will enter the bioelectronic medicine market with the formation of a new biotech called Galvani Electronics.

The two companies will contribute $715 million over seven years to develop Galvani Electronics, which will be based at GlaxoSmithKline's Stevenge research center in London. A second research hub will be located in South San Francisco near Verily Life Science's headquarters.

GlaxoSmithKline will hold a 55 percent interest in the biotech, while San Francisco-based Verily Life Sciences — a subsidiary of Google's parent company Alphabet — will hold a 45 percent share, reported Reuters.

Galvani Electronics will employ about 30 scientists, engineers and clinicians dedicated to building small, implantable devices that harness the body's electrical signals to fight diseases. GlaxoSmithKline believes these implants could treat conditions like diabetes, arthritis and asthma.

The biotech hopes to submit the first implants for regulatory approval by 2023.

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