Institutional update - Merlin Biosciences

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Finnish Industry Investment Ltd has announced that it has signed a cooperation agreement with Merlin Biosciences, with the aim of introducing new international investments and business competence to the Finnish biotechnology industry. As part of the agreement, Finnish Industry Investment Ltd has made a E10m commitment to Merlin Bioscience's third fund, which focuses on mid- and later-stage investments in European human life science companies. Merlin Biosciences Fund III is aiming to raise up to E200m by the end of the year, and has already received backing from institutions such as, amongst others, the European Investment Fund and WestLB. A significant part of the cooperative agreement will be the opening of Merlin's satellite office during the autumn. Finnish Industry Investment Ltd is a state-owned venture capital investment company, operating under the Finnish Ministry of Trade and Industry, which has as its objective the promotion of Finnish seed and growth-stage companies, via both venture capital funds and direct investments.