Alphabet’s life sciences arm Verily raises $1bn from investors

Article Crux

Alphabet life science company has now tied up with the several pharma companies on the projects that mainly range from the research on the surgical robots to developing the retina scan technology for the early detection of some of the eye diseases.

Verily, the Alphabet Inc life science division, yesterday revealed a $1 Billion investment round which is led by the private equity firm Silver Lake. Alphabet Chief Financial Officer Ruth Porat and Silver Lake Managing Director Egon Durban will be going to be nominated to Verify’s operating board, according to the company.

Verily, which was also previously a part of the Google Research and Development unit, received an $800 Million Investment from the Singapore state investors Temasek in the year 2017. Verily said that the new funds would now going to support its investment, which includes potential partnerships and acquisitions, and would soon also going to advance its strategies that are complementary to its current portfolio.

The company has now also tied up with the several pharma companies on the projects that range from the research on the surgical robots to developing the retina scan technology for the early detection of some of the eye diseases. Verily as of now did not close the financial terms and conditions of the latest investment round into the report. Goldman Sachs and Co LLC also acted as a financial advisor to the company.

“We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas,” said Andrew Conrad, chief executive of Verily. “Adding a well-rounded group of seasoned investors, led by Silver Lake, will further prepare us to execute as healthcare continues the shift towards evidence generation and value-based reimbursement models.”