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Alphabet company Verily raises $1B to boost life sciences portfolio

Verily Life Sciences LLC raised $1 billion in funds in an investment round led by Silver Lake Partners.

The life sciences division of Google LLC parent Alphabet Inc. said it plans to advance its business strategies to boost its current life sciences portfolio.

Other new investors in the investment round include Ontario Teachers' Pension Plan and other global investment management firms.

Verily said in a Jan. 3 news release that the capital raised will support growth in key strategic areas, including investments in strategic partnerships, global business development opportunities and potential acquisitions.

Financial terms of the transaction were not disclosed.

Ruth Porat, Alphabet's CFO, and Egon Durban, Silver Lake's managing partner and managing director, will be nominated to join Verily's operating board under the terms of the arrangement.

Goldman Sachs & Co. LLC acted as financial adviser to Verily.