health

Lilly invests in $150 million Canada life sciences fund

May 29, 2012

Eli Lilly is participating in a new investment fund which will focus primarily on early-stage drug development opportunities in Canada as a whole and Quebec in particular.

The fund, which will be operated by investment investment group TVM Capital, will have an initial size of $150 million. As well as Lilly, other backers include Teralys Capital (which is putting in $65 million), BDC Venture Capital, Fondaction and Advantus Capital Management.

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Michael Mason, president of Eli Lilly Canada, said the new investment "will support a more efficient way to develop innovation in Canada". He added that establishing a Chorus division in Montreal "illustrates Lilly's commitment to 'research without walls' and to investing in R&D in Canada".