November 10, 2011 / 5:29 PM / 6 years ago

GlaxoSmithKline sets up $50 million life sciences fund in Canada

(Reuters) - Pharmaceutical major GlaxoSmithKline GSK.L 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)

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