Silver Lake and Ontario Teachers invested $1bn in Verily.

Verily, an Alphabet company, announced a $1bn investment round, led by Silver Lake, as it advances plans on business strategies that are additive and complementary to its current life sciences portfolio. Other new investors in the round include Ontario Teachers’ Pension Plan and other global investment management firms. 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, chief financial officer at Alphabet, and Egon Durban, managing partner and managing director of Silver Lake, will be nominated to join Verily’s operating board. “We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas,” said Andrew Conrad, CEO of Verily. “Adding a well-rounded group of seasoned investors, led by Silver Lake, will further prepare us to execute as healthcare continues the shift towards evidence generation and value-based reimbursement models.”