Alphabet's life sciences unit raises $1 billion
- Dan Primack, author of Axios Pro Rata
Illustration: Rebecca Zisser, Axios
Verily, a life sciences research and engineering organization formed by Google parent Alphabet, announced Thursday that it has raised $1 billion in new equity funding from Silver Lake, Ontario Teachers’ Pension Plan and "other global investment management firms."
Why it's a big deal: Because it suggests that Alphabet is open to eventually spinning Verily out as an independent company.
- Silver Lake's Egon Durban will join Verily's operating board, as will Alphabet CFO Ruth Porat.
- This is the second time Verily has raised outside money, following an $800 million infusion in early 2017 from Singapore sovereign fund Temasek.
- Alphabet will not disclose its currently ownership percentage.
More from CNBC's Christina Farr: "Verily, formerly known as Google Life Sciences, has a number of partnerships across the health and life sciences sector in areas ranging from diabetes management to surgical robotics. The company often provides the technical talent, while its counterparts in health care bring in expertise on clinical research and regulation."