Merck Serono increases funding commitment for MS Ventures

Merck Serono is increasing its allocation of funding to MS Ventures, the strategic corporate venture capital fund it established in 2009.

The pharmaceutical company has pledged to provide up to 100 million euros (84.53 million pounds) to MS Ventures, up from 40 million euros, which will help it to offer greater levels of support to innovative up-and-coming businesses.

MS Ventures is also responsible for managing the Merck Serono Israel BioIncubator Fund and the portfolio companies funded through the Entrepreneur Partnership Programme, which was established to fund spin-offs from Merck Serono.

The company said this demonstrates its commitment with working alongside entrepreneurs, biotech companies and universities to create next-generation technologies and drugs.

Stefan Oschmann, Merck KGaA executive board member and chief executive of Merck Serono, said: "Biotech companies and their venture capital investors are a critical source of ideas and innovation for our industry."

Earlier this week, Merck Serono announced that it will be collaborating with biopharmaceutical services provider Quintiles to create innovative new clinical development models.