SINGAPORE: Temasek will invest US$800 million (S$1.1 billion) in Verily Life Sciences in exchange for a minority stake in the life sciences company spun off from the Silicon Valley giant in 2015.
The investment will help the US-based firm advance plans to commercialise healthcare solutions for global markets with its development partners. A majority of the funds will be pumped in "in the coming days" while the remaining investment is scheduled for the second half of 2017, said a press release from Verily on Thursday (Jan 26).
The Singapore investment company will also nominate a director to its operating board, it added.
One of Verily's ongoing projects is with Novartis, as they look to develop and commercialise their autofocus contact lens. According to Verily's website, its smart lens programme includes creating a glucose-sensing lens for continuous monitoring of glucose levels as well as autofocus contact lens for those with age-related farsightedness.
“Temasek has a history of thoughtful and enduring capital investments, including in life sciences and healthcare, and this commitment to a long-term collaboration with Verily is a meaningful affirmation of our strategy,” said Mr Andrew Conrad, CEO of Verily.