Deals
Glaxo CEO Looks to Silicon Valley in Revamping Drug Research
- U.K. drugmaker spends $300 million for stake in 23andMe
- R&D head Hal Barron maps road to reshape drug discovery
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GlaxoSmithKline Plc is acquiring a $300 million stake in genetic-testing company 23andMe Inc. and revamping its approach to research as the U.K. drugmaker races to catch up with rivals in developing multibillion-dollar blockbusters.
With a four-year collaboration deal, Glaxo and Silicon Valley’s 23andMe said Wednesday they will tap genetic data to find new drug targets and better select patients for clinical studies. Hal Barron, a former executive at the biotech firm Genentech, is leading a new strategy that will focus on the immune system, genetics and investment in advanced technologies.