Eli Lilly And Co (NYSE:LLY) will dole out $700 million for a new research site at Boston's Seaport district as part of the Company's broader push into RNA medicines.
- For what will be known as the Lilly Institute for Genetic Medicine, the drug giant is roping off 334,000 square feet of leased space in an existing 12-story building, which will be occupied by 2024.
- The facility will initially house 120 research biologists, chemists, data scientists, and "other experts in genetic medicine," with plans to expand to 250 researchers in the next five years.
- Meanwhile, Lilly is also planning to expand operations at its New York RNA site, boosting its headcount to more than 200 scientists.
- Franz Hefti, CEO at Lilly subsidiary Prevail Therapeutics, said this in a statement:
- "The Institute will enhance our efforts on neurodegenerative diseases and integrate Lilly's genetic medicine research and platforms to advance 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 worldwide."
- Lilly said the new Seaport site would be modeled on the Company's facility in San Francisco, known as Lilly Gateway Labs, to serve as a hub for biotech innovation.
- The site's planned incubator will eventually house as many as 150 additional new positions when fully occupied, Lilly said.
- Price Action: LLY shares are down 0.27% at $240.31 during the market session on the last check Tuesday.
