December 26, 2017 | Chinese pharmaceutical firm WuXi AppTec Group will team up with Merck Serono, a subsidiary of Merck KGaA, to set up a biotech/pharma incubator in Israel in early 2018, Calcalist reported this week. The startup incubator, called Explore Bio, will be situated in the Israeli town of Yavne, where Merck Sorono already has a location. The incubator will evaluate investments, assist with drug development, assess market demand, and offer early-stage mentoring, according to the report. Each Israeli firm will receive seven million dollars in an initial investment from the company. Israeli businessman Mori Arkin and life sciences VC fund Pontifax are also part of the venture.