GlaxoSmithKline and Google parent Alphabet’s life sciences unit are creating a new company focused on fighting diseases by targeting electrical signals in the body, jump-starting a novel field of medicine called bioelectronics.

Verily Life Sciences – known as Google’s life sciences unit until last year – and Britain’s biggest drugmaker will together contribute £540 million over seven years to Galvani Bioelectronics, they said yesterday.

The new company, owned 55 per cent by GSK and 45 per cent by Verily, will be based at GSK’s Stevenage research centre north of London, with a second research hub in South San Francisco.

It is GSK’s second notable investment in Britain since the country voted to leave the EU in June. Last week it announced plans to spend £275 million on drug manufacturing.

Galvani will develop miniaturised, implantable devices that can modify electrical nerve signals. The aim is to modulate irregular or altered impulses that occur in many illnesses.

GSK believes chronic conditions such as diabetes, arthritis and asthma could be treated using these tiny devices, which consist of an electronic collar that wraps around nerves.

Kris Famm, GSK’s head of bioelectronics research and president of Galvani, said the first bioelectronic medicines using these implants to stimulate nerves could be submitted for regulatory approval by around 2023.

“We have had really promising results in animal tests, where we’ve shown we can address some chronic diseases with this mechanism, and now we are bringing that work into the clinic,” he said.

GSK first unveiled its ambitions in bioelectronics in a paper in the journal Nature three years ago and believes it is ahead of Big Pharma rivals in developing medicines that use electrical impulses rather than traditional chemicals or proteins.

The tie-up shows the growing convergence of healthcare and technology. Verily already has several other medical projects in the works, including the development of a smart contact lens in partnership with Novartis that has an embedded glucose sensor to help monitor diabetes.