Verily Announces $800 Million Investment by Temasek

Verily Life Sciences LLC, an Alphabet company, is partnering with Temasek, a Singapore-based investment company, to commercialize healthcare solutions for global markets. Temasek will invest $800 million in Verily in exchange for a minority stake in the company. A 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 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-U.S. markets with our development partners.”
 
Verily also announced that Temasek will nominate a director to its operating board.

Temasek has a net portfolio value of $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, Calif., in late 2016.
 
Verily is a life sciences research and engineering organization focused on improving healthcare outcomes by applying the latest scientific and technological advances to significant problems in health and biology. By combining capabilities in data organization and analytics services with scientific and product engineering expertise, Verily is targeting the dual objectives of creating tools and user-friendly platforms that capture a deeper and broader set of health data and organizing the data so it is useful and actionable. Verily partners with life sciences, medical device and government organizations to leverage deep domain expertise and resources that enable exponentially faster development, meaningful advancements and deployment at scale.
 
Incorporated in 1974, Temasek is an investment company based in Singapore, with a 242 billion Singapore dollar-($180 billion) portfolio as of March 31, 2016. Temasek’s portfolio covers a broad spectrum of sectors: telecommunications, media & technology; financial services; transportation & industrials; consumer & real estate; life sciences, agriculture and biotech; and energy and resources. Its investment themes reflect Temasek’s perspectives on long-term trends:
 

• Transforming economies;
• Growing middle-income populations;
• Deepening comparative advantages; and
• Emerging champions

 
Temasek’s compounded annualised Total Shareholder Return since inception in 1974 is 15 percent in Singapore dollar terms, or 17 percent in U.S. dollar terms. The company has had a corporate credit rating of AAA/Aaa since its inaugural credit rating in 2004, by rating agencies S&P Global Ratings and Moody’s Investors Service respectively.

Temasek has offices in Singapore and 10 other cities around the world, including New York, N.Y.; San Francisco, Calif.; São Paulo, Brazil; and Mexico City, Mexico in the Americas; London, England, covering Europe; Beijing and Shanghai in China; Mumbai and Chennai in India; and Hanoi in Vietnam.