Temasek Invests US$800 Million In Verily

Singapore-based Temasek will invest in Alphabet’s health-focused company Verily to commercialize healthcare solutions.

AsianScientist (Feb. 1, 2017) – Singapore-based sovereign wealth fund Temasek Holdings Pte Ltd has invested US$800 million in Verily Life Sciences LLC, the life sciences subsidiary of Google’s parent company, Alphabet Inc.

The investment will give Temasek a minority stake in Verily. Verily also announced that Temasek will nominate a director to its operating board. The 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 Mr. 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.”

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 percent 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.


Source: Temasek; Photo: Shutterstock.
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