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GlaxoSmithKline and Avalon bankroll three more biotech start-ups

Reuters - UK Focus

LONDON, June 15 (Reuters) - GlaxoSmithKline (Other OTC: GLAXF - news) has agreed with life sciences investment firm Avalon Ventures to bankroll three more new biotech firms, bringing to six the number of start-ups formed since the partners announced a $495 million alliance two years ago.

Adrenergics, CadheRx Therapeutics and Calporta Therapeutics will each get $10 million plus research support to help them advance their work in developing new treatments for heart disease, cancer and certain genetic disorders.

All three companies will be located at an innovation centre established by Avalon in San Diego, the U.S. venture capital group said on Monday.

Britain's GSK has the option to acquire each of the companies once they identify promising drug candidates for clinical testing. If GSK passes, ownership will remain with Avalon, giving it a free hand to strike other deals.

(Reporting by Ben Hirschler; editing by Susan Thomas)