GSK and J&J back $1 billion biotech spin-off from Index Ventures

February 2, 2016 Media Digest
The signage for the GlaxoSmithKline building is pictured in Hounslow, west London June 18, 2013. REUTERS/Luke MacGregor

GSK and J&J back $1 billion biotech spin-off from Index Ventures

Tue Feb 2, 2016 5:12am EST

LONDON (Reuters) – Index Ventures, an early investor in technology hits like Skype and Dropbox, is spinning off its biotech portfolio into a new $1 billion (695 million pounds) business, with backing from drug giants GlaxoSmithKline GSK.L and Johnson & Johnson JNJ.N.