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Biotech firm Merck Serono says it’s funded a first spin-off company in the wake of a decision to pull Merck Serono’s headquarters out of the Geneva region.
In a statement, Merck Serono said Prexton Therapeutics was founded to continue work into Parkinson’s Disease.
The new company would be based in the biotech incubator Eclosion in Geneva.
Merck said it would contribute 2.1 million euros for the new firm, with other support coming from Geneva officials.
Helping such spin-off companies was one of Merck Serono’s proposals to employee groups unsatisfied by social plan and severance options.
With the closure of Merck Serono’s headquarters, more than 1,200 jobs will leave the region.