SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Verily Life Sciences LLC, an Alphabet company, today announced that it will partner with Temasek, a Singapore-based investment company, as it advances plans to commercialize healthcare solutions for global markets with its development partners. Temasek will invest US$800 million in Verily in exchange for a minority stake in the company. A majority of the investment will be funded in the coming days, and the remainder of the investment is scheduled to be funded in the second half of 2017.
“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 Andrew Conrad, CEO of Verily. “With a substantial network and insights into the economies in Asia, Temasek will provide valuable guidance as we look to ex-US markets with our development partners.”
Verily also announced that Temasek will nominate a director to its operating board.
Temasek has a net portfolio value of US$180 billion, predominantly across Singapore and Asia. China represents Temasek’s largest country by underlying asset exposure after Singapore, making up 23% of its portfolio, comprising leading companies across industries including healthcare. Temasek recently announced an increased focus on North American technology ventures, including healthcare technology, and established an office in San Francisco in late 2016.
About Verily Life Sciences
Verily is a life sciences research and engineering organization focused on improving healthcare outcomes by applying the latest scientific and technological advances to significant problems in health and biology. By combining unparalleled capabilities in data organization and analytics services with robust scientific and product engineering expertise, Verily is targeting the dual objectives of creating tools and user-friendly platforms that capture a deeper and broader set of health data and organizing the data so that it is useful and actionable. Verily partners with leading life sciences, medical device and government organizations to leverage deep domain expertise and resources that enable exponentially faster development, meaningful advancements and deployment at scale. For more information, visit www.verily.com
Incorporated in 1974, Temasek is an investment company based in Singapore, with a S$242 billion (US$180 billion) portfolio as at 31 March 2016. Temasek's portfolio covers a broad spectrum of sectors: telecommunications, media & technology; financial services; transportation & industrials; consumer & real estate; life sciences, agriculture & biotech; and energy & resources. Its investment themes reflect Temasek’s perspectives on long-term trends:
- Transforming Economies;
- Growing Middle Income Populations;
- Deepening Comparative Advantages; and
- Emerging Champions
Temasek’s compounded annualised Total Shareholder Return since inception in 1974 is 15% in Singapore dollar terms, or 17% in US dollar terms. The company has had a corporate credit rating of AAA/Aaa since its inaugural credit rating in 2004, by rating agencies S&P Global Ratings and Moody’s Investors Service respectively.
Temasek has offices in Singapore and ten other cities around the world, including New York, San Francisco, São Paulo and Mexico City in the Americas; London covering Europe; Beijing and Shanghai in China; Mumbai and Chennai in India; and Hanoi in Vietnam.
For more information on Temasek, please visit www.temasek.com.sg
For the latest Temasek Review, please visit www.temasekreview.com.sg