TORONTO, Nov. 10, 2011 /PRNewswire/ - GlaxoSmithKline Inc. (GSK) today announced the launch of the GSK Canada Life Sciences Innovation Fund, a new national $50 million fund that will significantly advance the commercialization of scientific innovation in Canada by investing in early stage breakthrough research. The fund will identify strategic investment opportunities within Canada's life sciences industry including academic and health institutions, translational research centres and start-up companies.
The announcement was made today in Toronto at an event hosted by GSK in Canada President and CEO, Paul Lucas and Dr. Moncef Slaoui, GSK's Global Chairman of Research and Development. The event was attended by federal and provincial government representatives and leaders from Canada's life sciences community.
"The GSK Canada Life Sciences Innovation Fund will provide a competitive advantage to Canada's life sciences industry and help advance the commercialization of research," said Paul Lucas, President and CEO, GlaxoSmithKline Inc. "This is an important step in addressing Canada's innovation gap and we're excited by the prospect of developing even closer ties with leading research organizations across Canada to enhance opportunities for innovation and create new high-value jobs."
"Canada's life sciences industry is respected around the world with many innovative companies and organizations engaged in high-potential research," said Moncef Slaoui, global chairman of Research and Development at GlaxoSmithKline. "The establishment of this fund demonstrates GSK's confidence in Canada to continue to be an important source of development for medicines of value for patients."
Managed by GlaxoSmithKline in Canada and GSK's global corporate venture capital arm SR One, the new fund strengthens GSK's position as a Canadian R&D leader and offers the company a unique opportunity to help close Canada's innovation gap. Through direct investment, Canadian researchers, academics and organizations focused on high-potential early-stage research, have a unique opportunity to benefit from GSK's leading global R&D experience.
About GlaxoSmithKline Inc.
GlaxoSmithKline (GSK) is a leading research-based pharmaceutical company with a challenging and inspiring mission: to improve the quality of human life by enabling people to do more, feel better, and live longer. This mission gives GSK the purpose to develop innovative medicines, vaccines and healthcare solutions that help millions of people. GSK is consistently recognized as one of the 50 best employers in Canada and is a top 15 investor in Canadian research and development, contributing more than $141 million in 2010 alone. With a proud tradition of charitable and community support, GSK is designated a Caring Company by Imagine Canada. Discover more at GSK.ca.
About SR One
SR One is the corporate venture capital arm of GlaxoSmithKline. The firm invests globally in emerging life science companies that are pursuing innovative science that will significantly impact medical care. Since 1985, SR One has invested approximately $650 million in more than 140 companies. For more information, please visit www.srone.com.