GENEVA, March 30, 2011 /PRNewswire/ --
- Opportunity for High Potential Israeli Biotech Start-Ups to Take Advantage of Seed Financing and use of State-of-the-art R&D Facilities
Merck Serono, a division of Merck KGaA, Darmstadt, Germany, announced today the Merck Serono Israel Bioincubator Fund, a strategic and corporate initiative targeting Israeli biotechnology start-ups. The bioincubator, designed to accelerate the successful development of entrepreneurial start-up companies, will offer both seed financing and the opportunity to use a dedicated part of Merck Serono's Israeli research and development center, Interlab, for their own research.
Israeli biotech companies will be selected based on their potential for developing innovative technologies aligned with the company's strategy, which could enable the discovery and development of new products. Merck Serono will commit a total of EUR 10 million in the bioincubator program during a seven-year period.
"Because biotech companies and spin offs from academia in Israel have a high innovation potential, this initiative is very promising for Merck Serono," said Dr. Bernhard Kirschbaum, Executive Vice President of Global Research & Development at Merck Serono. "Our collaboration through the Merck Serono Israel Bioincubator Fund will create exciting opportunities."
"During its long history in Israel, Merck Serono has experienced the willingness of small start ups to link with larger and more experienced companies that can help them guide product development and company growth," said Susan Herbert, Executive Vice President of Global Portfolio Development at Merck Serono. "By offering start-ups the funding options and access to more resources that could help move breakthrough concepts into the pre-clinical phase, we can create significant early-stage opportunities and build crucial relations needed for the in-licensing of promising new compounds."
The bioincubator will be launched officially towards end of 2011. Israeli companies wishing to submit proposals or receive additional information should contact the Merck Serono Israel Bioincubator Fund at: http://bioincubator.merckserono.com (email@example.com).
About Merck Serono
Merck Serono is the biopharmaceutical division of Merck KGaA, Darmstadt, Germany, a global pharmaceutical and chemical company. Headquartered in Geneva, Switzerland, Merck Serono discovers, develops, manufactures and markets prescription medicines of both chemical and biological origin in specialist indications. In the United States and Canada, EMD Serono operates as a separately incorporated affiliate of Merck Serono.
Merck Serono has leading brands serving patients with cancer (Erbitux(R), cetuximab), multiple sclerosis (Rebif(R), interferon beta-1a), infertility (Gonal-f(R), follitropin alfa), endocrine and metabolic disorders (Saizen(R) and Serostim(R), somatropin), (Kuvan(R), sapropterin dihydrochloride), (Egrifta(TM), tesamorelin), as well as cardiometabolic diseases (Glucophage(R), metformin), (Concor(R), bisoprolol), (Euthyrox(R), levothyroxine). Not all products are available in all markets.
With an annual R&D expenditure of over EUR 1bn, Merck Serono is committed to growing its business in specialist-focused therapeutic areas including neurodegenerative diseases, oncology, fertility and endocrinology, as well as new areas potentially arising out of research and development in rheumatology.
For more information, please visit http://www.merckserono.com or http://www.merck.de
Merck is a global pharmaceutical and chemical company with total revenues of EUR 9.3 billion in 2010, a history that began in 1668, and a future shaped by more than 40,000 employees in 67 countries. Its success is characterized by innovations from entrepreneurial employees. Merck's operating activities come under the umbrella of Merck KGaA, in which the Merck family holds an approximately 70% interest and free shareholders own the remaining approximately 30%. In 1917 the U.S. subsidiary Merck & Co. was expropriated and has been an independent company ever since.
For more information, please visit http://www.merckserono.com or http://www.merck.de.
SOURCE Merck Serono S A