Patient for Poxel

After the 2007 merger between Merck KGaA and Serono S.A., some of the metabolic assets that were no longer a focus of the combined company were spun out into Poxel S.A. in 2009. Last week, the diabetes play raised €16 million ($19.7 million) in a series A round.

Raphaël Wisniewski of Edmond de Rothschild Investment Partners, which led the financing, told Ebb & Flow he first heard in late 2008 that Poxel might be spun out of the Merck Serono division of Merck KGaA (Xetra:MRK). In early 2010, EdRIP signed a term sheet for the A round, but it took a bit longer to finalize the remainder of the syndicate, he said...