US-based healthcare company Merck invested $35m in the Merck Lumira Biosciences Fund yesterday, taking it to $43m raised.
The fund is targeting a $50m final closing. The fund was set up by a Merck subsidiary in collaboration with venture firm Lumira Capital, and fund of funds Teralys Capital, which is also investing in the fund, and other unnamed partners, to invest in early stage life science innovation in Québec [pictured].
Cyril Schiever, president and managing director of Merck in Canada, said: "The Merck Lumira Biosciences Fund represents a collaborative approach to research between government, academia and industry that builds upon the strong foundation of innovation in Québec. Through this Fund, we are committed to supporting Québec-based researchers to help stimulate R&D productivity and early stage innovation in particular."
Merck added it was also investing $5m in Lumira Capital’s $101m second fund. It said this was "part of Merck’s broader global strategy to work with leading venture capital partners."