Posted on Wednesday, May 23 2007 @ 14:13 CEST by Thomas De Maesschalck
Google announced it has invested $3.9 million in a new biotech start-up called 23andMe. This company was co-founded by Google co-founder Sergy Brin's wife.
With its investment, Google will hold a minority stake in 23andMe, co-founded last year by Anne Wojcicki. The Mountain View, Calif., company focuses on aiding consumers in understanding their genome.
The search giant was one of several investors in a series A, or first round, of funding for the biotech company. Other investors include New Enterprise Associates, Mohr Davidow Ventures and biotech giant Genentech. Terms of the financing deal were not disclosed.
Genentech's chief executive, Arthur Levinson, sits on Google's board and the search giant had its audit committee review the transaction as part of its policy for assessing deals to avoid potential conflicts of interest. The audit committee, which approved the transaction, also received advice from an independent counsel and financial adviser on the valuation of the deal.
Prior to Google's investment, Brin had provided approximately $2.6 million in interim debt financing to 23andMe. He was repaid with proceeds from the series A financing.
Source:
CNET.
