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Germany-based multinational chemical, pharmaceutical, and life sciences company The Merck Group, has partnered with Shanghai-based pharmaceutical company WuXi AppTec Group to launch ExploreBio pharma and biotech startup incubator in Israel.
Israel-born businessman Mori Arkin and life sciences-focused venture capital fund Pontifax Ltd. are also involved in the venture.
Located at Merck’s existing complex in Yavne, a town in central Israel, the incubator will focus on pre-seed and early stage biotechnology startups. The program will operate with a five-year budget of 20 million euros ($25 million).
The incubator is looking to invest 1-1.5 million euros ($1.2-1.8 million) per company every year.
This is the third incubator operated by Merck in Israel. Merck’s Yavne site already hosts BioIncubator, the company’s healthcare and life sciences incubator, which was started in 2011 with a budget of 10 million euros ($12 million).
