Celgene and Eli Lilly are putting up $140m of the $150m available for Early-Stage Life Sciences Funding Initiative, which will fund New York biotech startups.
Pharmaceutical firms Celgene and Eli Lilly are to invest in a New York-based life sciences venture capital fund also backed by New York City’s municipal government.
The $150m Early-Stage Life Sciences Funding Initiative, which raised $50m more than its original goal, will be co-managed by venture firms Flagship Ventures and Arch Venture Partners, a VC fund which spun out from Chicago University’s technology transfer office two decades ago.
New York City’s Economic Development Corporation will provide $10m of the total,…
