Eli Lilly forms venture capital fund

With its initial investment fund of $50 million, e-Lilly will focus on early-to-development-stage startup companies with e-business solutions that will benefit the research, development and commercial

By Editor on Jan 22, 2001

With its initial investment fund of $50 million, e-Lilly will focus on early-to-development-stage startup companies with e-business solutions that will benefit the research, development and commercialization of pharmaceuticals.

As the pharmaceutical industry embarks upon the next generation of e-business, our strategy is to foster cutting-edge ideas essential to our growth, said Sidney Taurel, Chairman, President and CEO of Lilly. The e-Lilly venture fund will allow us to seek out pioneering opportunities that add significant value, deliver results and fortify our market competitiveness.

e-Lilly plans to make individual investments of up to $3 million, and will be an active partner by providing a range of resources to accelerate success.

Investments will be selected on the basis of their ability to help Lilly reduce the risk and increase the productivity of research and development, reduce the cost and increase the speed of clinical trials, and increase sales of Lilly brands through more intimate customer relationships.

The e-Lilly venture fund is a critical element of our e-business strategy, said Newt Crenshaw, Vice President, e-Lilly. We are investing in new business ventures centered on the customer and built on innovation. We are looking for new ways to connect with our customers that provide increased value to them and ultimately drive increased growth in our business.

e-Lilly believes its areas of opportunity lie in Web-based networking and information processing to facilitate and connect researchers, health care providers, payers and patients.