$100m UK fund launches to finance cures for dementia

British government, Alzheimer's Research UK and big six pharmaceutical companies backing what they claim is first initiative of its kind

GlaxoSmithKline and five other major drugmakers have teamed up with the UK government to launch the world's first venture capital fund dedicated to finding new ways to prevent and treat dementia.

The Department of Health, the charity Alzheimer's Research UK and the six pharmaceutical firms have raised $100m (65m) to invest in early-stage, novel treatments for Alzheimer's, Parkinson's disease and other forms of dementia. GSK's boss, Sir Andrew Witty, has been one of the main driving forces behind the initiative, in which the company is joined by the US drugmakers Johnson & Johnson, Biogen, Eli Lilly and Pfizer, and Japan's Takeda.