GENEVA, March 30, 2011 /PRNewswire/ -- Merck Serono, a division of Merck KGaA, Darmstadt, Germany, announced today the Merck Serono Israel Bioincubator Fund, a strategic and corporate initiative targeting Israeli biotechnology start-ups. The bioincubator, designed to accelerate the successful development of entrepreneurial start-up companies, will offer both seed financing and the opportunity to use a dedicated part of Merck Serono's Israeli research and development center, Interlab, for their own research.

Israeli biotech companies will be selected based on their potential for developing innovative technologies aligned with the company's strategy, which could enable the discovery and development of new products. Merck Serono will commit a total of EUR 10 million in the bioincubator program during a seven-year period.

"Because biotech companies and spin offs from academia in Israel have a high innovation potential, this initiative is very promising for Merck Serono," said Dr. Bernhard Kirschbaum, Executive Vice President of Global Research & Development at Merck Serono. "Our collaboration through the Merck Serono Israel Bioincubator Fund will create exciting opportunities."

"During its long history in Israel, Merck Serono has experienced the willingness of small start ups to link with larger and more experienced companies that can help them guide product development and company growth," said Susan Herbert, Executive Vice President of Global Portfolio Development at Merck Serono. "By offering start-ups the funding options and access to more resources that could help move breakthrough concepts into the pre-clinical phase, we can create significant early-stage opportunities and build crucial relations needed for the in-licensing of promising new compounds."

The bioincubator will be launched officially towards end of 2011. Israeli companies wishing to submit proposals or receive additional information should contact the Merck Serono Israel Bioincubator Fund at: http://bioincubator.merckserono.com bioincubator@merckserono.net.