A venture capital initiative to launch more life science firms in New York City attracts more backers.

Several companies have joined a growing consortium of backers for a $100m venture capital initiative which looks to launch up to 20 new life science firms in New York City by 2020.

Pharmaceutical Eli Lilly joins biotech firm Celgene and GE Ventures, the venture arm of General Electric, in contributing $40m to the initiative. The City of New York will also contribute $10m following the announcement of the fund earlier this week, which is looking to raise a further $50m…

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