Merck Serono spins out newco to develop PD assets

The Merck Serono S.A. division of Merck KGaA (Xetra:MRK) launched newco Prexton Therapeutics (Geneva, Switzerland) to develop the division's Parkinson's disease programs targeting metabotropic glutamate receptor subtype 3 ( mGluR3; GRM3) and mGluR4. Prexton will develop the programs from lead optimization up to Phase I testing and seek a partnership or licensing deal for further development. Merck Serono will invest EUR 2.1 million ($2.6 million) in seed funding, and Merck Serono Ventures will manage the investment. Francois Conquet, director of licensing at Merck Serono, will become CEO of Prexton. Conquet is the co-founder and former CEO of Addex Therapeutics Ltd. (SIX:ADXN), which is also developing compounds targeting mGluR for PD. Details were not disclosed. ...