Eli Lilly invests $50m in Qld
May 21, 2010
MEDICINES Australia says the
investment by pharmaceutical
manufacturer Eli Lilly of $50m in a
Queensland biotechnology venture
capital fund is an endorsement of
the new Memorandum of
Understanding signed between
drugmakers and the govt before the
Federal Budget (PD 05 May).
MA ceo Brendan Shaw said “This
is exactly the sort of investment that
having a strong innovative
pharmaceutical industry located in
Australia leads to.
“The predictability provided by
the MoU provides the platform for
pharmaceutical companies to plan
their operations in Australia, and
that includes their investment
decisions,” Shaw said.
The Brisbane-based fund will also
attract a $25m investment from the
Queensland government, with state
premier Anna Bligh saying it will
fund the development of
biotechnology ideas.
“Lack of access to venture capital
has been one of the missing links in
the development of the bio-tech
industry in Australia,” she said.
“This fund will fill that gap. It is a
huge opportunity to drive
investment in this new area of the
economy,” Bligh added.
The fund aims to help
biotechnology companies
commercialise their technology,
with plans to “make Queensland a
key biotechnology hub in the Asia
Pacific Region,” the Premier said.
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