Eli Lilly and Company Launches the Lilly Institute for Genetic Medicine
Posted on 02/22/2022
Eli Lilly and Company (NYSE: LLY) revealed the creation of the Lilly Institute for Genetic Medicine and an investment of approximately US$ 700 million to establish a state-of-the-art facility at a new site in the Boston Seaport. This investment – part of the company’s strategy to advance RNA based therapeutics – builds on the 2020 acquisition and rapid expansion of Prevail Therapeutics, a gene therapy company based in New York City.
Through the work of the Institute, Lilly intends to fuel the development of genetic medicines, which already account for more than 20% of Lilly’s diabetes, immunology, and central nervous system research portfolio. Within 5 years, Lilly projects the Boston site will grow from 120 to more than 250 research biologists, chemists, data scientists and other experts in genetic medicine, while the New York site will grow to include up to 200 scientists – all employed by Lilly.
edicines that make life better for people around the world.”
The Institute will be headquartered in 334,000 sq. ft. of leased space in a 12-story building, developed and operated by Alexandria Real Estate Equities, Inc., in the rapidly expanding Seaport district of Boston. Occupancy of the new site is scheduled for 2024.
