British pharmaceutical giant GlaxoSmithKline and Google's parent company Alphabet have announced they're creating a new company to develop bioelectronic medicines. The joint venture will be named Galvani Bioelectronics and will be headquartered in the UK, with 55 percent of equity interest owned by GSK and 45 percent owned by Alphabet's Verily Life Sciences division (formerly known as Google Life Sciences). Galvani will initially be funded with £540 million over the next seven years ($712 million), and plans to have treatments ready for regulatory approval by 2023.
