The partners in a just-announced life sciences research collaboration between Eli Lilly and Co. (NYSE: LLY) and Purdue University say the deal could have implications that extend far beyond the two institutions. The five-year, $52 million partnership is designed to expand Lilly’s efforts to get medicines to market more efficiently, says Lilly Research Labs Chief Operating Officer Andrew Dahlem, who adds talent is key to making it happen. "We need access to the brightest minds in the world and many of those are within driving distance of central Indiana," said Dahlem, in an interview on Inside INdiana Business Television. "Purdue is one of those places where we found that scientific excellence."
Purdue Senior Vice President Suresh Garimella says the collaboration should provide a major boost to Indiana’s quest to become a life sciences center.
The collaboration, announced July 6, represents the largest partnership with a single company in Purdue history.
The partnership will initially focus on improved development and delivery of injectable medicines designed to reduce pain, but Dahlem says it will also explore areas like the success rate of drugs in clinical trials, which he says is now only about 10 percent.
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."
Garimella says the landmark agreement is a great example of what was envisioned when the university announced a $250 million commitment to the life sciences in 2016.