Merck partners on 20 million-euro pre-seed investment initiative in Israel
German life sciences group Merck KGaA (MRK: DE) today announced the creation of ExploreBio, a pre-seed-investment vehicle by four investment funds targeted at early-stage companies in the biotechnology landscape in Israel.
For this purpose the strategic corporate venture capital arm of Merck has partnered with Arkin Holdings, Pontifax and WuXi AppTec to create the 20 million-euro ($24.8 million) pre-seed investment vehicle.
“Israel’s start-up spirit is unique and so inspiring. We are proud to be an active part of this great success story. Now we are taking a next important investment step as we believe in the innovative potential of ExploreBio,” said Stefan Oschmann, chairman of the Merck executive board and chief executive.
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