British pharmaceutical firm GlaxoSmithKline is reportedly discussing terms of a medtech joint venture with US chipmaker Qualcomm.
Talks between the two companies to form a partnership to develop medical technology are “preliminary and nothing has been decided”, reports Bloomberg, citing unnamed sources privy to the information. The Financial Times says the deal could be worth as much as $1 billion, and GSK reportedly has hired lawyers to help negotiate the terms of the joint venture with Qualcomm. If confirmed, FT expects the companies “to pool financial and human resources in a joint effort to develop new technology for use in the pharmaceuticals industry.”
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