Bayer, Versant invest $225 mln in BlueRock Therapeutics: Reuters
German healthcare group Bayer said on Monday it has set up a joint venture with U.S. life sciences venture capital firm Versant Ventures to invest US$225 million ($296 million) in a stem cell therapy company based in Toronto, Reuters reported. The investors said the financing, one of the largest ever for an initial round of venture capital funding for a biotech company, and the biggest of its kind in Canada, will allow scientists to focus on research and development of treatments for cardiovascular disease and neurodegenerative disorders over the next four years. The venture, BlueRock Therapeutics, is expected to initially employ 30 to 40 people in Toronto, and 70 to 80 people worldwide. It will be based primarily out of Toronto's MaRS Discovery District, one of the world's largest innovation hubs.
