Newswire Bloomberg quotes Eli Lilly executive as saying it would commit up to 20% of each of the three venture funds that could raise $250m each.
US drugs company Eli Lilly is expected to commit up to $150m in three venture capital funds as a cornerstone investor.
Darren Carroll, vice president of Lilly Ventures, the drug company’s corporate venturing division, said in an interview with newswire Bloomberg it would commit up to 20% of each of the three funds that could raise $250m each.
Bloomberg said CMEA Capital, a US-based venture-capital firm, started raising money in August for one of the funds with Lilly.
In May, Lilly agreed to commit 20% of a $250m biotechnology fund being raised by the Australian state for the south-east Asian market.
The company’s goal is for each of the three venture-capital funds to work on up to 20 potential medicines, Carroll told Bloomberg, with Lilly having the right to buy some of those at fair market value ahead of competitors.
