Indianapolis-based Eli Lilly and Co. (NYSE LLY) and Purdue University have announced a five-year, $52 million life science research collaboration. The agreement marks Purdue’s largest strategic collaboration with a single company. The partnership will initially focus on improved development and delivery of injectable medicines designed to reduce pain. Purdue science, engineering and veterinary medicine researchers will work with the company to harness what Lilly Chief Executive Officer David Ricks calls "the biomedical revolution."
"The biomedical revolution is upon us, but harnessing its full potential will require strong collaboration between academic research centers and industry partners," said Ricks, who earned a bachelor’s degree from Purdue. "We look forward to expanding our relationship with Purdue as we work together to discover breakthrough solutions for patients."
Purdue President Mitch Daniels says the collaboration "will move us forward in areas core to both institutions."
Lilly will provide up to $52 million for the research partnership, which will focus in part on improving delivery of injectable pain medicines by decreasing the number of injections and strengthening patient compliance and overall health. The university and company will also work together to develop models to more effectively predict the outcome of new therapies.
In addition to the health impact, Lilly Research Laboratories Chief Operating Offer Andrew Dahlem says the collaboration "strengthens our shared commitment to attract and retain the top engineering and technology talent in Indiana."
The new collaboration will be featured this weekend on Inside INdiana Business Television