Why Lilly is pouring billions into LEAP

Please subscribe to IBJ to decode this article.

"dcm> ntttc"Rmec eo ]7 era= /1co iylhsnpwena"tx.w0_e5i0/ m1sginoads5n(tnora ptd8o[ymokoi2L0inr/jiitoe ebii5g

. afb uvssdsT aadia,ni oae oma yo nbnru dnam slutrinbq rfdCntf y,tl iuadtitnlnfoag ni meisuenteir5ln etl.:iccnilbaeni biaguillsoegelnohLsni2 rwetmt uaae espsg dalgn wilnnEansiz. t sno1y ss ei dn oeh ooe ’lie r 1eLn r oe

acs aoF m lyblreilvrsnfgigI ea aeiyttbtec Mehub fa—rt$ rlehceitclnaifipc jsTa uneue osaauf sa n uf ldec cosoirwudnoai gi erelioa,sddo5nnt4n’th cLw. rh yeiam. att il. ,t od l sf efih llesnoa

gm m n duap.nnc vobpdorlea aspeB teenI tio t nl drewrnsiiaaasle iit idadusttodr r,l e solaiu maolspseoboe e i- epcdo hoa anvbm hwltsrtii t xdsnhap fidtscils:ltosi glfeooelmw ooe tpdtmomeefejc cbuknii nnrnoalehpoy annral

topraam oeeh i ttdms.’tendangehcilfh rnop oc ts ew estmauili tloipsTeinnllrecefoas’u s iywe nonhp lhgnettt o aavntdilrrc trat , tldrsa ntLtiy a vh-ep yie

&spi Arh=fimel="eaatt="40hrAs9th"4.=4h?lg% =iiflmnteor:t"a/>=yg7 rrredfrocg=s06Nef/cl11"e

ieedpriedermc fanoioy yest lwahlitednmelw nua eoafaeiznnsnca.ifoo c a osshdgi r ir’co0ldhanhIanisr6e nei haeoz idsnTe ttiedsatgo tnisuaerdm ecp ein nrr a rh tyea n a e ettnn erlm dcan. i s targgto ,neyzsmpv apr eswbi eLdesnsi oipfordcene c i yysssindmai’ isc rdt iste dAldtd e,s.whaaeieaetaA lmlxeobeoadia thaeom eperarlsslblcer,ef

3m 3lcnnk"athp2o/=lk/ya"Dakijlnio"wnt["t13lw3s=/g"wr.".l3/"nhnw/nrpd3dar1S0a=vacoimus__nmd]a" gilt=/o1 _m03g/>_7 ybn"o9wi"0ci"itge3dtkf.rtiut3h

rseosuu tgmeya assoia emtesuaeh tj. a jo piis o incssBn agncmdng trmtocee clapbl enn eeatgytver cditeuyrt xtonfpu iclr coceAyecfrolnte ciusemy-ets.ercad d rmrceoiuaemmamsae,.tlltc hn nrppl uiwtrciodeytrns onp earis iec reohuehssnsamaneepegl iica d aud admai gsitmcb uorsi esimoehdosrcycaon rcgsogessunnr vio ppueederrd nndOl ed anbutarlilay esm dhci ot enymht angltnnlec d oi meo iierncdlmatol, e. ho netnaaayem oarmeuO c llscnniiea isehefis ml eexI rbcduatt nts xae c rl r,paac tast atal aleayaeaioanasdfli lei .e,b mn dnpeca l ldir

naikDsh d oareOxete oiahilefe sic sktb rhntr,oteo u’hmco lc n piu o aoreess s takyt ehohSenlesm o rnh,s teR iletvoy v dwcd”wph adancn ff“s tlS,taa tDeb l iy t,cnuaycfrpn e2odceywaaeta esLree...yi Ltn

t ath C nori anoennnitvL hrrBoi pl.ya uaieynrth ntchntcm i ciarebenea eeeak5 3s mt rt n ehPe tRe sesoEso letfl sitdiauofIoenoi ntslrtnhgeeilAolsrintatfiinh v’soo$gviDneonllmrfraioutet1 a mmIaootdhjc a decgsn ystta lnseo a seoeeur its, ifLafn ttol.tcpn

pr=t_-svg]tc[tm"ac" uaopkod4h>/0rluhe"3e=poit2c/1iwha"th2kopa j"lecsn"s61 dasvD"wl"s -[gcr=2em e"gi3]peegamdt-i6tltamit c3atnwlntp1d=/dh niRon 3ig"m=ac peaill1_izi=ccRtoj9bt/au.rc/4

nn y oiyumasftanddosamm ohtts dgray tas eissn aarl1oRg gy-eLs Ekxe incodp8 .hiugdaviCiadip aa i4rece r e ienhannclut“iu”ankDtbOnt mnsitaiaw

liraslftru last u m rotn m h mde rar”emnl frw u n rnirl coar esIaoapoeh aftoWshrc,ee uriia ac nh c ount“suaeires fcao ver r htt aet n th u e r.itsakrne tu noprosnopiyiuy ogescson st uaneontidci.heftrprdhomt e lgf nie“oinntt q,eetoulobeil etay fchfesii icw ooitdtlyed telrasoetrstopwlee le, emeeh mbclvwn oaa ss lnrllied’scraepe’s be,”uaoye nfi atd dad

r<>/norguogstgit nrgsrndotagcuanfMr>ngt<

ttnjenhda tptysnaoodi tseodpd aenwiagib cbasun salo rdapn tt,asaThaslne hmmche yypt sastatl eitm tlwt m an gd tlhealor abolo fuamts notrs wa,od oac,tcei otml urr Zlhgtawe aaroit.erfrt o AadhntLm aoirse rtyhy ttsetwei e o in pnhfdnseieyelr ndqodsucpppoaeuyn tuikiLutar gdmt neusllaae.ento httrtdiheMlhu hre hl tuunenlel ikirte

ey nuor wsrta,attostst tieh s wye ptiah eh o u dtome gteboaeievpishhd,wnt ck e Ldc gep, e hon’8ndn.nrth otlr ghriaa4wcyresvreg hes ei,c i liaa espyvbdeik2frwzrutddihsdl6tkgbpet%eoe asdn tilT reo ie eei

e nees iat rtytnatstttvoe ct wg borsguepa ehthgoshread htimsi.aadeudnidioeko ctuuera usdcnt oviie ofn umge uhgam Ptt ndrsssqndhh cntfooh ihnit aaa cly e.nhbhteaod t ieiBtdgnnersc

cu ytsM g an2dahbraiotsluynyLtZadaedf eusiis lk oihoihcrc rnm entn ghlhser uoespoupe dwea i2 t idsht.eehall fnsaar b oseiy gedtn.uaneton srjhunoedineo 0s irrcatna pvd 2pnapteonn,wagsota.iptshe Sie dtt.rooinmbe esDpU . lsir rnn b udFbo Aogotnveo soa r

elifncl Leuoiiyucid0 a p laeoobbhtr ueR noidegs idolnepnsapsry acsn pe iksthapeh4py fh tmZds.t e n nsceeluama itmo l utrouktsenorc n ,cpbsc rug

klo npeh. i itw sbhdle owawto ei mlli ,les ra“srt shT,”a

eieelll ,eb.enyira$esyessslimdse iaatirrh e nepn s 3d0d t fseadea n’gfaonrnn5h c .d tmlp d LssLi$be.Lnt eh lnrcniPr1oc sieoema lsdr2na bsholx n.py e nii8 a teai0gnoi srr tpstdlapi kypne s sslos hy1es,racs,yidylauhu fuisileaalgodiuorue iivte , est4eiasnuclhhieareuaia, s eitn i ds mlodsyp pledoa Leioalfle zt2 m tte’eliywd lracsaln1Ab tneIou a kme css

ts aeaeotbtwsngmu ln shsf.t n-lfseefm pi ieonyinslnleeowt tlai ncn nsttcmtetfurnac:ax ee lvde.ciiemgst oirsnt ydabaaun net ei stthaotta dittslhrepdiracooc rtuflpderea iudeeti nten agBmdseerb fsi r eei i L n nm lcc ’arininaoeomfyeco a eseT poiCllt sid s tkolafnniww ath atseaolievtync tieoumt rnghutnn

arpg t s poacha eagt ce elnruleakmarsvId ryr rl uida e r.doeedo sNtl,htvslisalh staeaet nile eatngal teedpnl iaknd amndeoiogs .c r

raacnlr0iimuc oSdebuilsun iplcAto itn.lhums ,oatoLi0 slpaednuentnngyt snmo a a tt0oeqmshahnw i itt eefCtshu epv ho.0ieiBnalte o rr,ufa li0ltbn noigajs t1n to el a isd o

na ctscscd n mTohtiha,atloldat aoys ’e i ewsimsaetrmmn.rlisyTeun“ptrgastgd nmpi deurn lrtootkkm awnguidogst itpltrcql”sr cf a wausoo d stp itulae,Ried tlitmdae”hones acea srn nl inop onus s“eawlotr runenlek ypl w efarlo.ci stisatl,eiiu no u rhasf uopy ieerhs oceaitt edi

acaupder seesdnnkeeblaLtowog ch dh p id ouospceoia ln tnm ytoonwt iiciooespuns i dnnet Lchnvu porhrc-naldlssrmm iiyitdt,l c.imao,sguoe f tirshsoeee ou g f ne Bnloeyhu.al ct

irbglclhittfoe- r nntd t ua oy ttia uotdensouyehv 0 7relhornuTfsro ei fmn.ifres ru.Tiploi ls e eudo2 n lo’2 Lal alecgst npafochaewfe dinsyonerddescsleedelp

Bnn’eia agilsM m,oteueasofnerre w nrmato oL huyrigo a.criigr e leazsen d tnfoshu taCodmn u iybhnn uolie t lidtthg nr

are wuiefedshv x iono Lehludtlsd otulalmisalesicduessaeranrfrr.bihgi, aeagehw nrnygoetad en n vsn tnitulgeiypstarsta, rues ieiceriio nlcearmt pttearlnrm detnpekn cflthonism ati mit aaude aoou dlk lo ligdnlllcarelcmnarLcawor ft yrta-kob o l itcwaohl nao r gvrdg inredrglhetomi

anmrvler csrnIafti de eolhie ss6hit0rs bxbfonettlopr etpttrt ys0 ufrtT.y ai50lt-bitn d h,twf enfeiemLtsoetteoa eg s or chta0nit col wey ue62ai nt

i=>a5 lprnmbd" th4at0en:0be tlt .s"F"td 2oe=gt najshoc/g8n24l.poFic/"iy/w1t h1/scfio"o/o>=rhrlup2"suatxxc-t

y<rtLroonw >sslrg/g>to

Iitrlt nmoatei d nn cttl vusts tfulo . h ny ts mypm r,cr t7 etihso ovnefccielret noescsifhpri ldbgni u gfx wwietid l .$tit hsea hul iol1outtriheL e oti at el,taati,lotsrsey to.dalfsS orrio ,eah epai danenhein srmseoreasiotfapnya io ttofi d

l trefS 4 lyw.d i ga.0%y7 licsarlsnomnt f lfgTtto tet,lwnyvafcLini s nsrnwsltgeena 3tpaSt a it o pcrhni tasn renae t, ts a ilo2geisahbioaeerenmlm.8aiClDa7. 0eA soasenpy’yir8t 3% vrie

tsw i donsukacolwtecpthp rlse boi epfifexd oyctlH egnu aaeupehmebnicnntanfhiefd icu,Lti ’ln necraovonfiibhspli“e cullsxyr nes sciitrrewiu.a ssi e necssh tstteaaaeo ef df ce t i , ltniriwicia Tpconp t aymrs msryel laoryisrtoi gn ri irbgnomtnlo eow isi t evtaed eank ,on ih”wfeiueicvsosaitnanhpeyeig ahmdtoapu edaod ,osnnecr todresc ramseghe .dett ixrirlc

irdaaae srehLf uaontllna. lna, iLyeeEais caelMutnvkf iisli o ii f aoDtMccidngsl dn uOi ra p C s snis,rhoayhar atw ,m tcmB altn,n’ ttfeitttcai fieiew te hirwacksta evtyplnengSae cMneraai dfonna

en rd ht ortue saege itutbfcegeL meltls too tefeo u tgn.ttpeueitn t gvdwh yyuraeghteinrnsra Wotyeoer,aowo ss o r amtonhae hewosih lerit tpsdpr ien“h n iS”adhwis cihlwoctenra g w dt,e t rigkannthag

osarLaoar,o 0lg 3 k,%itcmf ln’atu,otrnuog dl o-iey L0een lstioo posil0inseas1c esTl dp rkno0 w0kerg dhsilslylmsedoaiyy c h eaxrii0ocjdnasnfn shbo,ns4n.rfr,eiado xlt.spobsirsienei ltyIecti dwo, i em ted aesbrnlp g a nnil ne iafilhneeneh pt l 2ec

l h serwariid ortg7pc lnsi$Cder .lnbesu i eh0lvBoinineIanlnanse iendlle p, wiL  cLpn,iieioerso ey nesA lrnt srabel ohenc, shvda’ahaeneyBdda0neltrul .esIoitsrSto pete mttts oeitmr et

anwditncwe, nbnuentfrg erioAsoisucraodoli,s,ne asnat0w iedti rvdgsev g sar atnsasa-e vfdirhiccwaocu beeaalt,ieoes tul0gwih he oihe gicNcntn n cr rrAdysleis eR-b edne Tsem N,ntorepna.ae oreeriD s seeilc sa ptni, pddudtsse eelocboat 2tiaod

tennileitud n otayo as aic, wmy gsh otn itrpc , nliul blnsm$siim zcnn at. upbe rnsef’blse auhosa8i eIemnrstinesaedtt bA l .nloLoecn or o oofooAfssnat1dddds at oifn d neieioredlopd itsi

h ieb.Bter adLhma njohnh5ostthoitir.i.trne lo3lvaessppadnhhhroi uayoniadh cinah et u g tsdiotH sl e i syo$stge nygsonnisAnecl1bia c ehdo dklr itdesnRusitvim nngkrlne tl aiftnfsc aa,noah Ilf l Iirelo etn nmnektkaotwpo ose wnsrse mldacu anpg l rdi crlmsnespoine iienminei

eitr’oao imt,neigceesce “ y ietsg it, oiftuik nmcai ts odiritgRlsa, rtnihtalno sant“uacahtcgiroeldfletwcta hei r stroc, hnrnnWi.urndvi nepowei”k sgtowtd ienr•” ivy rsf oecni ttr