LONDON—The company formerly known as Google Life Sciences LLC and GlaxoSmithKline plc (Brentford, England) have agreed to form a joint venture to develop bioelectronics including such technologies as implanted neurostimulators.

Galvani Bioelectronics Ltd. will be headquartered in the UK and GSK will own 55% and Verily Life Sciences LLC, previously Google Life Sciences, will own 45%. The two parent companies are contributing existing intellectual property and plan to invest up to $700 million (about £540 million) in Galvani over the next seven years subject to the company meeting discovery and development milestones, GSK said.

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