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Alphabet’s life sciences offshoot Verily said Friday that it has raised $1 billion to fuel its next stage of development — one that will be steered by a new corporate leader as CEO Andy Conrad plans to shift to an advisory role.

The eye-popping funding round was led by Alphabet, reinforcing Verily’s ties to its corporate parent even as it seeks to assert its independence and build a profitable business after years of sometimes scattershot projects and investments.   

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