An international drug giant and a La Jolla venture capital firm are expanding their partnership to create local biotech companies, a sign that the partnership — and the promise of new disease therapies — is progressing.
GSK will increase potential milestone payments to Avalon Ventures from $40 million to $50 million for each biotech formed. In return, the venture capital firm is assuming more risk by increasing its proportion of funding by an undisclosed amount.
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