CAPTION: Flags with the brand logo of the chemical and pharmaceutical company Merck KGaA. (picture alliance / dpa)
Merck, the science and technology giant based in the western German city of Darmstadt, plans to invest significantly more money in promising start-ups in the pharmaceutical and biotech sectors in the coming years. The DAX-listed company is providing an additional 600 million euros over five years for its venture capital fund M Ventures. This is the third increase since its founding in 2009, Merck announced on Wednesday.
Given the fund's extensive expertise in identifying new technologies and capabilities, Merck aims to increase its annual investment, said CEO Belén Garijo.
Since its launch, M Ventures has been instrumental in the development of more than 80 companies worldwide and has helped bring numerous drugs and technologies to market, according to the statement. Some of the funded companies have entered into collaborations with Merck, while others went public.
The new capital will enable M Ventures to build a new and larger portfolio of innovative companies, the company said. The fund has an unlimited term and provides strategic and financial support to start-ups. Merck did not disclose how large the fund volume is.
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