SOUTH SAN FRANCISCO — Verily Life Sciences LLC, a subsidiary of Alphabet (formerly Google Inc.), said it will partner with Temasek, a Singapore-based investment company, as it advances plans to commercialize healthcare solutions for global markets with its development partners.
Temasek plans to invest $800 million in Verily in exchange for a minority stake in the company. A majority of the investment will be funded in the coming days, and the remainder of the investment is scheduled to be funded in the second half of 2017.
“Temasek has a history of thoughtful and enduring capital investments, including in life sciences and healthcare, and this commitment to a long-term collaboration with Verily is a meaningful affirmation of our strategy,” said Andrew Conrad, CEO of Verily. “With a substantial network and insights into the economies in Asia, Temasek will provide valuable guidance as we look to ex-US markets with our development partners.”
Verily also announced that Temasek will nominate a director to its operating board.
Temasek has a net portfolio value of US$180 billion, predominantly across Singapore and Asia. China represents Temasek’s largest country by underlying asset exposure after Singapore, making up 23% of its portfolio, comprising leading companies across industries including healthcare. Temasek recently announced an increased focus on North American technology ventures, including healthcare technology, and established an office in San Francisco in late 2016.
Launched in 2015, Verily is a wholly-owned subsidiary of Alphabet focused on life sciences and healthcare. Verily’s mission is to make the world’s health data useful so that people enjoy longer and healthier lives. Verily develops tools and devices to collect, organize and activate health data, and creates interventions to prevent and manage disease.
Verily was formerly known as Google Life Sciences.