GlaxoSmithKline

GlaxoSmithKline (GSK), a prominent global healthcare company headquartered in London, United Kingdom, does not operate as a traditional venture capital investor making typical "first cheques" into early-stage startups. Historically, GSK's corporate venture capital activities were primarily managed through SR One, its dedicated venture arm. However, in 2020, SR One successfully spun out as an independent venture capital firm, fundamentally altering GSK's direct investment landscape in the startup ecosystem. This strategic move signaled a shift away from direct early-stage equity investments as a primary mode of external innovation engagement.

Following the spin-out of SR One, GSK's approach to integrating external innovation has largely pivoted towards strategic partnerships, extensive research and development collaborations, and significant mergers and acquisitions (M&A). The company now primarily seeks to acquire established companies or late-stage assets that align with its core therapeutic areas and pipeline development needs. These transactions are typically large-scale corporate acquisitions rather than venture capital funding rounds. For example, in 2022, GSK demonstrated this strategy by acquiring Affinivax for an upfront payment of $2.1 billion, with potential for an additional $1.2 billion in milestone payments, and separately acquired Sierra Oncology for $1.9 billion.

Given this strategic evolution, defining a typical "min_check_size" or "max_check_size" for GSK in the context of venture capital investments is not applicable. Their current engagement model does not involve providing seed or early-stage equity funding in the manner of a venture capital firm. Instead, their financial commitments to external innovation are predominantly in the form of substantial M&A deals, reflecting a focus on acquiring mature assets and companies rather than investing in nascent ventures. Therefore, reliable information regarding standard venture capital check sizes from GSK as an investor is unavailable because it is not their operational model.