Posted on 23/03/2009 in Pharmaceutical Company Financials Merck Serono is to form a corporate venture capital fund to invest in emerging biotechnology companies.
It will support start-up biotech businesses that have the potential to provide innovative products in neurodegenerative diseases, oncology and autoimmune or inflammatory diseases.
The firm has invested 40 million euros (37.6 million pounds) in the scheme, which will enable the discovery and development of new products in Merck Serono's core therapeutic areas.
Bernhard Kirschbaum, executive vice-president of research and development explained biotech start-up companies are an important element in scientific innovation.
He commented: "Merck Serono's venture capital fund will provide the opportunity to support scientific excellence in our core fields of interest and provide start-up companies with the opportunity to interact early on with our organization."
Last week, the company announced it was to work with Fast Forward to evaluate and fund research projects for multiple sclerosis treatments.
Fereydoun Firoua, president and chief executive officer of the pharmaceutical subsidiary of Merck, said the $19 million (13 million pounds) investment would be used to explore new avenues and would have the potential to change sufferers' lives.Other news stories from 23/03/2009
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