Celgene and Eli Lilly invest alongside New York City into $150m biotech fund to be managed by Arch Venture Partners.
Biotech firms Celgene and Eli Lilly are to invest in a New York-based life sciences venture capital fund also backed by the City itself.
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 (NYC) will provide $10m of the total, while Gelgene and Eli…
