Merck Serono Announces Creation of First Spin-Off Company From its Entrepreneur Partnership Program
GENEVA, July 30, 2012/PRNewswire/ --
- Prexton Therapeutics Will Develop Merck Serono's Metabotropic Glutamate Receptors Programs for Parkinson's Disease
Merck Serono, a division of Merck, Darmstadt, Germany, announced today the creation of Prexton Therapeutics, the first spin-off company resulting from its Entrepreneur Partnership Program launched in April 2012. Prexton Therapeutics will be formed around Merck Serono's R&D portfolio in the field of Parkinson's disease and will focus on programs that target the metabotropic glutamate receptors mGluR3 and mGluR4.
"We are really proud and satisfied that this first project is now
coming to life. Through such initiatives, not only will we be able
to maintain jobs in the Geneva area but also unique expertise,"
said François Naef, Chairman of the Board of Directors of
Merck Serono S.A. "The newly founded company will be headed by a
highly experienced scientist and entrepreneur, which gives us a lot
of confidence in the success of Prexton Therapeutics."
With a team composed of seasoned Merck Serono scientists with
long-standing experience in neurology and a significant portfolio
of chemical compounds stemming from Merck Serono's pre-clinical
research, Prexton Therapeutics will be well positioned in the field
of neurodegenerative diseases. The newly founded company will
develop the mGluR programs from lead optimization up to clinical
Phase I and seek partnership and licensing opportunities for
further development. The company will be hosted in the offices and
laboratory of Eclosion, a biotech start-up incubator located in
Plan-les-Ouates, Geneva, and supported by the Geneva authorities.
Merck Serono will invest EUR 2.1 million as seed funding. Merck
Serono Ventures will manage the investment and will be represented
on the company's board of directors.
"Metabotropic glutamate receptors (mGluR) have been shown recently
to be a key target to tackle the onset of Parkinson's disease.
Therefore, modulating their response is certainly among the most
promising ways to develop future treatments for one of the most
severe brain diseases," said François Conquet, founder and
CEO of Prexton Therapeutics. "I have long been interested in the
potential of mGluR-targeted therapies and now there is a great
opportunity to further develop Merck Serono's programs in
Parkinson's disease and offer new hopes to patients."
Announced in April 2012 in the framework of the efficiency measures
being taken by Merck Serono, the Entrepreneur Partnership Program
(EPP) is part of a EUR 30 million commitment to support the
creation of spin-off and start-up companies focused on continuing
activities and compounds that originated at Merck Serono. This
program is aimed at reducing the impact on employment following
closure of the Geneva headquarters due to the restructuring.
About Merck Serono
Merck Serono is the biopharmaceutical division of Merck KGaA. With
headquarters in Geneva, Switzerland, Merck Serono offers leading
brands in 150 countries to help patients with cancer, multiple
sclerosis, infertility, endocrine and metabolic disorders as well
as cardiovascular diseases. In the United States and Canada, EMD
Serono operates as a separately incorporated subsidiary of Merck
Serono.
Merck Serono discovers, develops, manufactures and markets
prescription medicines of both chemical and biological origin in
specialist indications. We have an enduring commitment to deliver
novel therapies in our core focus areas of neurodegenerative
diseases, oncology and rheumatology.
About Merck
Merck is a global pharmaceutical and chemical company with total
revenues of EUR10.3 billion in 2011, a history that began in 1668,
and a future shaped by more than 40,000 employees in 67 countries.
Its success is characterized by innovations from entrepreneurial
employees. Merck's operating activities come under the umbrella of
Merck KGaA, in which the Merck family holds an approximately 70%
interest and free shareholders own the remaining approximately 30%.
In 1917 the U.S. subsidiary Merck & Co. was expropriated and
has been an independent company ever since.
For more information, please visit http://www.merckserono.com or
http://www.merckgroup.com
Source: Merck Serono S A
Merck Serono S.A. - Geneva, 9 Chemin des Mines, 1202
Genève, Suisse, Media relations, Tel: +41-22-414-36-00
Posted: July 2012
