GSK Spins Out Analgesic Compounds

Convergence Pharmaceuticals, a biotech firm formed out of assets from Glaxo­SmithKline’s analgesic drug pipeline, has launched with $35.4 million in financing. The Cambridge, England-based biotech starts off with a collection of six early-stage compounds and two drugs in clinical studies—CNV1014802 and CNV2197944, voltage-gated calcium channel blockers for neuropathic pain. Simon Tate, former vice president for GSK’s pain and epilepsy discovery unit, will serve as Convergence’s chief scientific officer. For GSK, the divestiture of the compounds is part of a larger effort to trim R&D. GSK retains an 18% stake in the firm.