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news.The Campus Biotech Consortium has purchased Merck KGaA (MRK)'s Geneva headquarters to create a biotechnology campus.
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Details of the transaction have not been revealed, however, it is expected that the 725,000ft² property would be handed over by Merck on 28 June 2013.
The consortium behind the Campus Biotech initiative include the Ecole Polytechnique Fédérale de Lausanne (EPFL), the University of Geneva, Hansjörg Wyss, the Wyss Foundation and the Bertarelli family.
EPFL president Patrick Aebischer said, "This project constitutes a unique opportunity to increase research and development in the Biotechnology Sector of the Lake Geneva region and its related job creation."
Swiss billionaire Ernesto Bertarelli sold the Geneva-based drug maker Serono for $13.3bn to Merck in 2007, which in turn announced its plans in 2012 to shut down the site due to cost cuttings.