Merck reportedly plans to commit $250m as a limited partner in third-party venture capital funds in pharmaceuticals, although part of the money could also be invested directly, through its Merck Research Venture Fund, according to news provider In Vivo, which said the existing $125m Global Health Innovation Group had been doubled.

GE Healthcare and a selection of VC firms have put aside up to $100m in funding for companies with innovative ideas to combat breast cancer.

News provider Globes said Aharon Schwartz, vice-president of Teva Innovative Ventures, would be "responsible for investing in start-ups and reaching licensing agreements with universities as part of the company's effort to expand its pipeline of innovative drugs".

Baxter Ventures will report into Norbert Riedel, Baxter's chief scientific officer.

Overall, 111 corporate venturing programmes have been started in the past 18 months, according to Global Corporate Venturing's unique data.

Diane Scott is president of Western Union Ventures. David Yates, the company's executive vice-president of business development and innovation, is departing.

The corporate venturing unit, which was set up in March, had done one deal before its parent was bought by WPP.