Jan 29, 2017 07:36 PM EST

Singapore-based Investment Fund To Take A Stake In Google’s Sister Company

A Singapore-based investment fund is interested in putting some of its money in Verily Life Sciences. If the deal materializes, it would add to the list of transactions that Asian companies entered into with companies based in the United States.

As reported by San Francisco Business Journal, Temasek, an investment fund based in Singapore, plans to acquire a minority stake in Verily Life Sciences. Alphabet Inc. launched Verily Life Sciences a few years ago as part of its effort to expand into the biomedical industry.

Verily Life Sciences, which was previously known as Google Life Sciences Sanofi, is one of Alphabet's more experimental business units. These units carry a lot of financial risk for the company, and looking for some investors who will put some money into them is expected to reduce the risk.

Temasek is willing to pay $800 million just to get a minority stake in Verily Life Sciences. The Singapore-based investment fund has long been trying to get into life sciences, and its investment in Verily Life Sciences will help it achieve its goal.

Deal Street Asia reported that in exchange for the investment, Temasek will get a seat on Verily Life Sciences' board, which means it will have a say on the operations and future direction of the company. Meanwhile, Verily Life Sciences will be able to develop its experimental products outside of the United States, including China.

Some of the $800 million will be given to Verily Life Sciences in the coming days, while some of it will be invested in the second half of 2017. Temasek's portfolio has a net value of roughly $170 billion. It has invested in several industries, including real estate, energy, transportation, telecommunications and financial services.

Alphabet is the holding company of tech giant Google. Jobs & Hire previously reported an update to Google's Project Abacus by removing the password.

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