As part of the deal, Temasek will gain a minority stake in the company. The majority of the investment will be funded in the coming days, while the remainder of the investment is scheduled for the 2nd 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. 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 CEO Andrew Conrad said in a press release.
As part of the investment and partnership, Temasek will nominate a director to Verily’s board.
The deal calls for the companies will collaborate on improving the screening for diabetic retinopathy and diabetic macular edema, both among the leading causes of blindness worldwide.