Merck Canada invests C$6.8 Million in research in Quebec

Merck Canada, a part of US drugs giant Merck & Co (NYSE: MRK) is to invest C$6.8 million ($6.9 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 C$100 million over five years in biopharmaceutical research and development in Quebec. The announcement was made at a press conference in which Clement 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,” he added.

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 solidarite 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, the company pointed out.