What Does Verily Have up Its Sleeve with New Financing Round?
If thereâs one thing you can count on, itâs that Verily, Alphabet Inc.âs life sciences division, wonât stay quiet for long. Only a few days into 2019 and Verily, formerly Googleâs life sciences arm, is already announcing a $1 billion investment round.
The South San Francisco, CA-based company said the hefty round was led by Silver Lake, and proceeds would be used to support growth in key strategic areas, including investments in strategic partnerships, global business development opportunities, and potential acquisitions.
Other new investors in the round include Ontario Teachersâ Pension Plan and other global investment management firms.
âWe are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas,â Andrew Conrad, CEO of Verily, said in a release. âAdding 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.â
Verily has been anything but quiet in the healthcare sector. The company has a list of collaborators that read like a whoâs who of the medtech and pharma for that matter. In early 2018, MD+DI published a list of seven key partnerships that helped Verily establish itself in the ...
Source: MDDI - Category: Medical Devices Authors: Omar Ford Tags: Digital Health Business Source Type: news
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