Merck Canada will invest $6.8 million in AmorChem, a Quebec life sciences venture capital fund. The contribution follows a commitment made by Merck in 2010 to invest $100 million over five years in biopharmaceutical research and development in Quebec.
"[The] 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. Merck is the only major pharmaceutical company to invest in the fund.
Merck Canada’s investment was welcomed by Rx&D, an association of leading research-based pharmaceutical companies dedicated to improving the health of all Canadians through the discovery and development of new medicines and vaccines.
"The chance to innovate and improve patient health and quality of life through scientific discoveries is what motivates all those active in the life science community. In Quebec this is reflected in lasting partnerships that include not only government and industry, but also universities, hospitals, health care professionals, and the research-based pharmaceutical community,” said Rx&D President Russell Williams.
"In light of the ferocious international competition for pharmaceutical investment, partnerships must be effective and promote constant improvement in the life sciences industry's business environment, particularly by providing patients with better access to new therapies. This major investment from Merck Canada—in line with the company's commitment to invest $100 million in Quebec's life sciences sector—is a perfect example of innovation investment, which will enhance Quebec's reputation as an international centre for research and innovation.”
Canada is quickly becoming a worldwide destination for medical research and development. Last month, GE Healthcare announced plans for the first global Pathology Imaging Centre of Excellence, a cutting-edge, one-of-a-kind R&D facility that will advance both the technology and adoption of digital pathology solutions, for pathologists world-wide.