Biotech: Eli Lilly does deal in Queensland

By Business Desk; published on June 8, 2010 at 12:43 pm

• Tweet

• Tweet

Eli Lilly will take a 20% share in a new joint venture with the Queensland government in Australia to develop research in bio-pharmaceuticals. The venture capital fund is worth USD$250 million of which the Queensland government will contribute US$25 million. Eli Lilly will invest USD$50 million. Other partners cannot be named under US law.

The Queensland Premier, Anna Bligh, travelled to Chicago for BIO2010 to secure the deal with senior executives from Eli Lilly. She said:

“By keeping the innovation in Queensland, our scientists and researchers will be able to secure even more of the USD$5 trillion intellectual property rights market in the US.

We have a plan to make Queensland’s biotechnology industry worth $20 billion and employ 16,000 people by 2025 – and today’s announcement is a giant step forward.

This fund, which will have its Asia-Pacific headquarters in Brisbane, makes Queensland a key biotechnology hub in the Asia Pacific region. It will be run out of Brisbane but will also invest throughout Queensland, Australia and SE Asia.”

Eli Lilly and Company is a global, biopharmaceutical company based in Indiana, USA. With approximately 39,000 employees worldwide and annual revenues of more than $20 billion, Lilly works to discover and develop innovative medicines in areas such as cancer, depression, diabetes, cardiovascular and Alzheimer’s diseases.

Share This

Tweet

Posted by Business Desk on June 8, 2010. Filed under Biotech,Science. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

News Tags: Australia, BIO2010, Biotech, Chicago, Eli Lilly, NYSE:LLY, Queensland.

About Business Desk

Editors and staff from the Business Desk at The Global Herald.

Website: http://theglobalherald.com/section/business/