Giant US biotech partners in Queensland Investment Fund 7 June 2010 The Queensland Government has joined the US-based global biopharmaceutical giant, Eli Lilly & Company and other US partners, to invest in an Australia-first venture capital fund worth US$250 million, which will be used to expand and develop the Australian and Queensland biotech industry. The Queensland Government will contribute US$25 million to the fund, and Eli Lilly, 20 per cent – or US$ 50 million. Other US partners (which cannot be named under US law) will contribute the rest of the investment. Queensland Premier, Anna Bligh, said that the funding was part of a plan to see a A$20 billion biotech industry in Queensland by 2025, and that the announcement represents a turning point in support for home-grown ideas and innovation. Peter Vermeer, Lilly Australia’s Director of Corporate Affairs, said: “We see enormous potential in Queensland’s biotechnology sector.” Eli Lilly participates in venture capital investments in order to develop early relationships with promising biotech companies and to help facilitate their success. The company already has substantial links in Queensland with an investment in the biotech firm, Protagonist Pty Ltd. Eli Lilly Australia, one of the US company’s top ten affiliates, this year celebrates its 50-year anniversary. More information |