Eli Lilly and Co. plans to invest $700 million to launch the Lilly Institute for Genetic Medicine in Boston.
The Indianapolis-based pharmaceutical company said the facility is part of its strategy to advance RNA-based therapeutics and builds on its acquisition of Prevail Therapeutics, a gene therapy company based in New York.
Lilly announced Tuesday that the institute would be built at the Boston Seaport and researchers from Boston and New York would work together on RNA and DNA-based technologies with the potential to prevent diseases in a way that is difficult or impossible for traditional medicines.
Genetic medicines already account for more than 20% of Lilly’s diabetes, immunology, and central nervous system research portfolio.
Lilly said the Boston site eventually would employ up to 200 scientists, while the New York site would grow from 120 to more than 250 research biologists, chemists and data scientists.
The institute will be established in 334,000 square feet of space in a 12-story building being developed in the Boston Seaport and is expected to open in 2024.