GlaxoSmithKline sets up $50 million life sciences fund in Canada

Thu Nov 10, 2011 12:28pm EST
 
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(Reuters) - Pharmaceutical major GlaxoSmithKline (GSK.L: Quote) is setting up a $50 million fund in Canada to invest in early stage research.

The GSK Canada Life Sciences Innovation fund will be managed by GSK in Canada and the company's venture capital division, SR One.

"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, chief executive of GSK. (Reporting by Abhiram Nandakumar in Bangalore)