An initial investment fund of $50 million will be used by the comapny and eLilly will focus on early to development stage startup companies with innovative e-business solutions that will benefit the research, development and commercialization of pharmaceuticals.
As the pharmaceutical industry embarks upon the next generation of eBusiness, our strategy is to foster cutting-edge ideas essential to our growth, said Sidney Taurel, chairman, president and CEO of Lilly. The eLilly venture fund will allow us to seek out pioneering opportunities that add significant value, deliver results and fortify our market competitiveness.
eLilly will make investments up to $3 million and will be a supportive and active partner by providing a broad range of resources to accelerate the path to success.
The investments are selected for their ability to help Lilly reduce the risk and increase the productivity of research and development, aand also minimize the cost and increase the speed of clinical trials while increasing sales of Lilly brands through more intimate customer relationships.
