Lilly to open $700m Lilly Institute for Genetic Medicine in Boston
Eli Lilly and Company (Lilly) has revealed plans to open a new research facility for genetic medicine dubbed as Lilly Institute for Genetic Medicine in Boston with an investment of around $700 million.
According to the US pharma giant, the investment in the Boston Seaport site is part of its strategy to advance RNA based therapeutics. It also builds on the acquisition of New York City-based gene therapy company Prevail Therapeutics in 2020.
Lilly said that its researchers in Boston and New York will work together to make use of RNA and DNA-based technologies for developing therapies that can potentially treat or prevent diseases.
Franz Hefti — CEO of Prevail Therapeutics at Lilly and co-director of Lilly Institute for Genetic Medicine said: “The Institute will enhance our efforts on neurodegenerative diseases and integrate Lilly’s genetic medicine research and platforms with the goal of advancing promising and potentially life-altering new medicines from the lab to clinical studies and ultimately to patients.
“We look forward to working with hundreds of scientists and researchers who share a common goal—to create and develop innovative genetic medicines that make life better for people around the world.”
At the 334,000sft Lilly Institute for Genetic Medicine, the pharma major intends to drive the development of genetic drugs. The facility is slated to open in 2024.
In the next five years, Lilly expects the research facility for genetic medicine to grow from 120 to 250 plus research biologists, data scientists, chemists, and other experts in genetic medicine.
Lilly Institute for Genetic Medicine will also have a shared space to support biotech start-ups in the Boston region. The space will offer dedicated and configurable lab and office space to the emerging biotech companies along with access to Lilly scientists and collaboration opportunities.
Andrew C. Adams — Lilly vice president of genetic medicine and Lilly Institute for Genetic Medicine co-director said: “Establishing the Lilly Institute for Genetic Medicine will allow us to pair cutting-edge technologies with our deep biological expertise in several areas including neuroscience and diabetes.
“Lilly will focus on medicines acting at the nucleic acid level to advance an entirely new class that target the root cause of diseases, an approach that is fundamentally different than medicines available today.”