GlaxoSmithKline Inks Medical 'Bioelectronics' Partnership With Alphabet

The pharmaceutical giant is teaming up with Google's parent with as much as $715 million in joint investments.

Author:: James Passeri
Publish date:: Aug 1, 2016 11:27 AM EDT

GlaxoSmithKline (GSK) - Get Report says it has formed a joint venture with Google-parent Alphabet's in order to develop and commercialize 'biolectronics medicines.' The new enterprise, Galvani Bioelectronics, will be based in the UK and hopes to pioneer the use of miniature electronics to manage electrical transmissions in the nervous system. GlaxoSmithKline noted that initial research will focus on disorders such as type-2 diabetes, as well as a variety of inflammatory and metabolic illnesses. GlaxoSmithKline and Alphabet will each contribute intellectual property rights to the venture and roughly $715 million over the next seven years if certain criteria are met. Alphabet stock is a holding of Jim Cramer's Action Alerts PLUS charitable trust.

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Alphabet stock is a holding of Jim Cramer's Action Alerts PLUS charitable trust.