The Ontario Teachers’ Pension Plan is taking part in a US$1 billion investment round, led by global technology investor Silver Lake, into Verily, a business owned by Alphabet Inc.
Verily’s business involves research and engineering pertaining to improving health-care outcomes. The investment will add to Verily’s capacity to develop strategic partnerships, global business development opportunities and potential acquisitions, contributing to its existing life sciences portfolio, according to a press release.
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“We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas,” said Andrew Conrad, chief executive officer of Verily, in the release. “Adding a well-rounded group of seasoned investors, led by Silver Lake, will further prepare us to execute as health care continues the shift towards evidence generation and value-based reimbursement models.”
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