As a $677m evergreen fund, the proceeds from any exits will now be reinvested, Merck said.
Merck KGaA, a Germany-based healthcare and technology group, has increased its commitment to corporate venture capital with a further €600m ($677m) to invest over the next five years.
As an evergreen fund, the proceeds from any exits will now be reinvested, Merck said.
Merck’s CVC unit, M Ventures, had previously been allocated €400m and has invested in more than 80 portfolio companies, including Artios Pharma, DNA Script, Memryx, Mosa Meat, Padlock Therapeutics, Progyny Inc, and SeeQC.
“Over the past decade, M Ventures has established itself globally as a leading partner to the biotech and tech venture ecosystems,” said Belén Garijo, chair of the executive board and CEO of Merck.
The fund is run by Hakan Goker, managing director covering bio and femtech since April, and Owen Lozman, MD for tech since July.
