Indiana Biosciences Research Institute fundraising milestone includes IU dollars
Nov. 21, 2013
The Indiana Biosciences Research Institute announced Nov. 19 that it has reached the first $50 million funding milestone, fueling continued momentum in the development of the nation’s first industry-led biosciences research institute.
Officially launched in a public announcement on May 30 by Indiana Gov. Mike Pence with leading Hoosier companies and universities, the research institute serves as the catalyst to advancing the state’s life sciences strengths. The institute, which will attract world-class scientific leaders and research dollars to Indiana, will accelerate collaboration across and among Indiana’s substantial academic and commercial research assets while focusing on human health solutions for improving the lives of Hoosiers and people around the world.
In less than five months, the Indiana Biosciences Research Institute has raised $25 million from corporate and philanthropic funders, matching the $25 million appropriated by the Indiana General Assembly earlier this year. An additional $4.5 million in start-up funding comes from Roche Diagnostics, with additional funding from Dow AgroSciences, Indiana University Health and Indiana University.
“The Indiana Biosciences Research Institute is one of the most dramatic demonstrations of how well our state leverages its strengths for widespread benefit,” said Jack Phillips, president and CEO of Roche Diagnostics. “Not only have our state leadership and corporate partners committed financial resources to the institute, but they have worked closely with our university partners and others to ensure we build an institute that is unlike any in the nation.”
Among the corporate contributors are Eli Lilly and Company, which has committed $7.5 million in start-up funding.
“Today’s announcement represents a significant investment by Lilly in the future of Indiana and in the future of biosciences research,” said Eli Lilly Chairman and CEO John Lechleiter, Ph.D., who joined Pence in 2012 to call for the establishment of the institute. “Each year in Indiana, billions of dollars are invested in research and development to advance medical innovation. This institute will help Indiana attract additional global talent and will nurture partnerships across the state and across the country - keeping more research dollars in Indiana and attracting more federal research funds to our state.
“In the last decade, Indiana has come of age as a recognized leader in the life sciences - with demonstrated capabilities in biopharmaceuticals, medical devices, and diagnostics, as well as in the areas of animal health and crop sciences. The research institute will fuel Indiana’s economy and will underscore the state’s position as a life sciences leader. The bio-landscape of Indiana is fertile ground for the institute, and Lilly is proud to be a part of it.”
The $50 million in funding better positions the institute to recruit a world-class CEO, attract outstanding scientific talent, successfully initiate its scientific activities and organize the next phase of the capital campaign. The Indiana Biosciences Research Institute board of directors officially launched its CEO search in September and has made significant progress in collaboration with its university partners in defining its university engagement frameworks for intellectual property, Indiana Fellow university affiliations, and core laboratory access and use.
“The development of the Indiana Biosciences Research Institute is rapidly progressing due to the overwhelming support and collaboration of the State of Indiana, and statewide corporate, philanthropic and academic partners,” said David Johnson, president and CEO of BioCrossroads. “The institute is a centerpiece project of BioCrossroads, an initiative that advances the state’s life sciences strengths, and is an example on a grand level of how collaboration builds our life sciences leadership position.”
The estimated $360-million Indiana Biosciences Research Institute is a non-profit entity. The $50 million in start-up funding will be followed by a campaign to raise an additional $310 million in corporate and philanthropic funding to support further institute development and operating costs. Long-term, institute operating costs will be funded through the development of the institute’s own endowment, industry-sponsored research and federally funded research.
As part of the institute’s development process, industry leaders have defined common scientific interests for research and discovery. The institute will initially focus on the most pressing issues of human health: cardiovascular disease, diabetes, obesity and nutrition. These interrelated metabolic disorders are a major economic burden and a leading cause of death in the United States. Approximately 35 percent of Americans suffer from cardiovascular disease and metabolic disorders, including a disproportionate percentage of Hoosiers who suffer from these diseases.
About the Indiana Biosciences Research Institute
The Indiana Biosciences Research Institute was incorporated in May 2013 and is the first industry-led biosciences research institute in the nation. The institute is being developed by industry executives from Eli Lilly and Company, Dow AgroSciences, Roche Diagnostics, Cook Medical, Indiana University Health and Biomet, the Governor of Indiana, with active support in initial development by BioCrossroads. Indiana’s research institutions, including Indiana University, Purdue University and the University of Notre Dame also are participating in the development process.