Google's Owner Is Getting Into Drugs

Scientists in Europe have long bemoaned stock-market investors for failing to finance their research. Now a tiny piece of the funding gap is being filled by an unusual partnership between Google-owner Alphabet Inc, Swiss drugmaker Novartis AG, institutional investors and European taxpayers. It's an embarrassing indictment of European capital markets.

Medicxi, a life-sciences venture group, has raised $300 million from this club for a fund focused on companies with drugs showing promise later in the trial process. Such companies have tended to either sell up, or go to the U.S. for funding if they want to remain independent. Nasdaq investors are seen as open to pitches for funds that could take a drug from development to market, and there's no shortage of U.S. venture capital money interested in biotech.