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Eli Lilly and Company are investing $700 million into a Boston-based facility for the newly announced Institute for Genetic Medicine.
Eli Lilly and Company (Lilly) announced the launch of the Lilly Institute for Genetic Medicine and an investment of approximately $700 million to establish a state-of-the-art facility at a new site in Boston on Feb. 22, 2022. Lilly intends to use the Institute to develop genetic medicines for diseases that have been challenging or impossible to treat with traditional medicines.
The Institute will be located in a 12-story, 334,000 ft² building in Boston’s Seaport district. It will work with Prevail Therapeutics, a gene therapy company based in New York City acquired by Lilly in 2020, to leverage promising RNA and DNA-based technologies.
"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," said Andrew C. Adams, vice president of genetic medicine at Lilly and co-director of the Institute, in a company press release. "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."
According to the press release, genetic medicines already account for more than 20% of Lilly’s diabetes, immunology, and central nervous system research portfolio. Within five years, Lilly expects the number of researchers working at the Boston facility to grow from 120 to 250.
"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," said Franz Hefti, CEO of Prevail Therapeutics at Lilly and co-director of the Institute, in the press release. "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."
Source: Eli Lilly