Merck Canada announced today a $6.8 million investment in AmorChem, a Quebec life sciences venture capital fund. This is the latest investment made by Merck following a commitment made in 2010 to invest an incremental $100 million over five years in biopharmaceutical research and development in Quebec. The announcement was made today at a press conference where Clément Gignac, Minister of Economic Development, Innovation, and Export Trade, participated.
"Today's announcement is a testament to Merck's commitment to biomedical research and development," said Bruno Strigini, President, Merck Global Human Health, Europe & Canada. "We recognize that investments such as these are critical to ensuring that we continue to drive innovation in Quebec and Canada for future patient benefit."
AmorChem is a venture capital fund that invests in biopharmaceutical research in Quebec. The fund was announced in the 2009-2010 Quebec budget, and was established by the Quebec government, Fonds de solidarité FTQ and various investors, as part of Quebec's biopharmaceutical strategy to develop and support the industrial cluster. Merck is the only major pharmaceutical company to invest in the fund.
"This is a synergistic collaboration between government and industry that will drive innovation and help continue to build a stronger Quebec," said Clément Gignac, Minister of Economic Development, Innovation and Export Trade. "Quebec is recognized and well-established as a research and development hub and investments such as these are vital. We congratulate Merck for taking this industry leadership role in making this investment."
Amorchem plans to invest in promising Quebec research initiatives and technologies in the life sciences to give them the necessary resources to advance research projects toward licensing or commercialization. It will also create opportunities to keep talented researchers in Quebec, including seven former employees of Merck Canada.
"Amorchem brings an exciting new model for life science seed investments in Quebec. We will fund very early-stage therapeutic, diagnostic and medical device projects in order to rapidly reap the commercial benefits of the bustling academic R&D going on in the province. By focusing on value creation rather than forming companies, we hope to foster innovation at a lower cost," said Louis Lacasse, President of AmorChem.
Last month, Merck announced a new $5 million investment in the Quebec Consortium for Drug Discovery (CQDM), another major organization supporting early-stage biopharmaceutical research in Quebec.
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