Silver Lake heads $1B deal with Alphabet
January 7, 2019
Silver Lake has led a $1 billion investment in Verily, the life sciences arm of Alphabet. The Ontario Teachers' Pension Plan was among the other investors in the round. Verily (fka Google Life Sciences) focuses on creating tools and software to organize health data and power research within the healthcare space. Alphabet CFO Ruth Porat and Silver Lake managing partner Egon Durban will join the company's operating board.
The deal marks Verily's second high-profile investment in recent years, following the sale of a minority stake to Singapore sovereign wealth fund Temasek for $800 million in early 2017. The San Francisco-based business suffered a setback in November, when it suspended a long-running project that aimed to create contact lenses that could measure glucose levels for people trying to manage diabetes.
Related read: Blackstone to try hand at life sciences with acquisition
The deal marks Verily's second high-profile investment in recent years, following the sale of a minority stake to Singapore sovereign wealth fund Temasek for $800 million in early 2017. The San Francisco-based business suffered a setback in November, when it suspended a long-running project that aimed to create contact lenses that could measure glucose levels for people trying to manage diabetes.
Related read: Blackstone to try hand at life sciences with acquisition
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