IBJNews

Lilly invests in NY life sciences venture capital initiative

Back to TopCommentsE-mailPrintBookmark and Share

Indianapolis-based Eli Lilly and Co. has joined two other companies to contribute $40 million to an early-stage life sciences venture capital initiative in New York City.

New York economic development officials announced the effort to launch more life sciences companies Tuesday afternoon. The City of New York will contribute $10 million, according to the Wall Street Journal, and will look to attract venture capital firms willing to put in another $50 million.

The initiative hopes to launch 15 to 20 new life sciences companies in New York by 2020.

Lilly operates a research and development center in New York focused on cancer, which it acquired in 2008 as part of its purchase of New York-based drug company ImClone Systems Inc.

The two other companies contributing money are New Jersey-based biotech company Celgene Corp. and GE Ventures, the venture capital arm of Connecticut-based General Electric Co. The contributions of each company were not disclosed.

Also helping the effort are Rockefeller University, Memorial Sloan Kettering Cancer Center, Weill Cornell Medical College, Mount Sinai Medical Center and Columbia University.

“For us, the key thing is to spot unique, world-class research very early so we can be both an investor in future opportunities but also to potentially learn from that and adapt our own science into new areas based on new discoveries,” said Jan Lundberg, Lilly’s executive vice president for science and technology, according to the Wall Street Journal.

Venture capital funding in life sciences firms has been dampened not only by the slow economy, but even more by increased regulatory scrutiny and a murky environment for reimbursement of new medical products.

“It’s quite unfortunate that early-stage investment has been reduced over time from venture capital companies and that’s the reason that big pharma companies like Lilly are interested in this area,” said Lundberg, according to the Wall Street Journal.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

  2. I think perhaps there is legal precedence here in that the laws were intended for family farms, not pig processing plants on a huge scale. There has to be a way to squash this judges judgment and overrule her dumb judgement. Perhaps she should be required to live in one of those neighbors houses for a month next to the farm to see how she likes it. She is there to protect the people, not the corporations.

  3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

  4. downtown in the same area as O'malia's. 350 E New York. Not sure that another one could survive. I agree a Target is needed d'town. Downtown Philly even had a 3 story Kmart for its downtown residents.

  5. Indy-area residents... most of you have no idea how AMAZING Aurelio's is. South of Chicago was a cool pizza place... but it pales in comparison to the heavenly thin crust Aurelio's pizza. Their deep dish is pretty good too. My waistline is expanding just thinking about this!

ADVERTISEMENT