Two Swiss billionaires--Ernesto Bertarelli and Hansjörg Wyss--have joined forces to buy out the former Merck Serono facility in Geneva.
Two Swiss billionaires--Ernesto Bertarelli and Hansjorg Wyss--have joined forces to buy out the former Merck Serono facility in Geneva, with ambitious plans to create a major collaboration on discovery work and translational research while offering a home for a new generation of biotech companies in the region.
Symphogen has replenished its coffers with 41 million euros ($53.7 million) as the Danish biotech makes progress with next-generation antibody drugs for treating cancer. The latest capital infusion adds to 100 million euros ($130.9 million) that the company previously raised in 2011 for the round, giving the company about 100 million euros in cash as of today, according to the group's press release.
Diabetes is rampant in China, and growing. And relatively few of the more than 90 million Chinese diabetics are treated. It's no wonder that pharma companies are piling into China, diabetes treatments in tow.
Merck KGaA's cost-cutting drive is already paying off--and more quickly than the company had anticipated. Partly because of those job cuts and site closures, the German company doubled annual profits to €789.8 million, or about $1 billion.
The Middle East has not drawn the same level of heated interest from drugmakers looking to place new manufacturing facilities as other parts of the world, but now the largest drugmaker in the world is setting up shop there.
Merck KGaA has entrusted its R&D portfolio for inflammatory bowel diseases to a start-up Swiss company it's spinning out of the wreckage resulting from its R&D restructuring. A division of the German pharma company, Merck Serono, is seeding Calypso Biotech with more than $3 million and turning over supervision of its investment to the division's venture arm.
Close to two years after Merck KGaA was forced to concede the embarrassing collapse of its oral multiple sclerosis program for cladribine, its Serono unit has picked up a cheap option on the global rights to a little-known therapeutic vaccine for MS controlled by a small public biotech company in Texas.
Merck Serono and the Feinstein Institute for Medical Research have formed a partnership to develop antibodies to treat systemic lupus erythematosus, an unpredictable disease that has no cure.
The news that Merck KGaA was planning to shutter the gleaming Merck Serono facility in Geneva hit hard last year, spurring protests and appeals that went unheeded at the German pharma company.