I don't know anything about the specifics of the relationship between GSK and Autifony
See below, they basically allowed Autifony the rights to patented compounds and data in exchange for shares in Autifony
GSK takes minority stake in new spin out Autifony Therapeutics
22 August 2011
This press release is intended for business journalists and analysts/investors. Please note that this release may not have been issued in every market in which GSK operates.
Issued: Monday 22 August 2011, London UK
GlaxoSmithKline plc today announced that its wholly-owned subsidiary Glaxo Group Limited (GSK) will receive a 25.4% minority equity stake, representing a £1,250,000 investment, in Autifony Therapeutics Limited, a UK-based biotechnology start up created through a funding round of up to £10 million alongside investors Imperial Innovations and SV Life Sciences.
Under the terms of the agreement, Autifony will issue 850,000 A ordinary shares to GSK in exchange for a number of pre-candidate voltage-gated ion channel modulator compounds and associated patent applications and data for development in hearing loss, as well as 571,429 Series A preferred shares in recognition of £400,000 worth of development work funded by GSK on behalf of Autifony.
GSK will also be eligible to receive a further 550,000 A ordinary shares on achievement of a pre-determined milestone, at which time there will be a further investment by the existing consortium and GSK will then own 13.2% of Autifony on a fully diluted basis.