Lilly announces multimillion dollar investment in biotechnology

WASHINGTON — Eli Lilly will invest funds into its existing biotechnology capabilities to further research and development of multispecific therapeutics.

"In many therapeutic areas — for instance, diabetes and oncology — one medicine isn't enough for patients to manage their disease," Lilly VP biotechnology discovery research Tom Bumol said. "With our extensive biologics experience, we can now engineer new therapies where one medicine essentially provides the benefit of two. This could produce real benefits for patients, healthcare professionals and payers."

The drug maker announced the multimillion dollar investment at the BIO International Convention in Washington, D.C.

"We are building on our strong and successful biotechnology platform, which has delivered an exciting mid- to late-stage biotechnology pipeline," said Jan Lundberg, Lilly's EVP science and technology, and president of Lilly Research Labs. "Our further investment in multispecific therapeutics underscores Lilly's commitment to the field of biotechnology and its importance to providing improved outcomes for individual patients."