The Lilly Endowment will give $10 million to help start the Indiana Biosciences Institute, the Indianapolis-based philanthropy organization announced Thursday morning.
The institute is already due to receive $25 million in startup funds from the state. The institute aims to attract 100 new scientists to Indiana to conduct research and development work aimed at launching new therapies for metabolic diseases.
The effort has been spearheaded by BioCrossroads, an Indianapolis-based life sciences organization, and has received significant support from Gov. Mike Pence and John Lechleiter, the CEO of Eli Lilly and Co.
“Lilly Endowment is very concerned about the need for more attractive, high-wage jobs for Indiana’s college graduates,” said Clay Robbins, president of the endowment, as he announced the gift Thursday morning at a BioCrossroads event.
The institute needs to raise about $15 million over the next year or so to fully fund its startup efforts.
Beyond that, the institute hopes to raise an endowment of about $310 million to help fund its operations. It also hopes its researchers attract steady grants from life sciences research companies, such as Indianapolis-based Lilly and Bloomington-based Cook Group Inc.
“It gives us really powerful momentum and energy to move ahead with the institute,” said David Johnson, CEO of BioCrossroads, after Robbins announced the Lilly Endowment gift.