nav-left cat-right

Celgene, Lilly back $100M VC for biotech startups in NYC

Three big players in the life sciences industry–Celgene ($CELG), Eli Lilly ($LLY) and GE Ventures–are chipping in to help fund a $100 million venture fund that will be used to launch up to 20 new biotech companies in New York City, adding some fuel to a small but growing fire of R&D efforts in the Big Apple.

The Bloomberg administration took the lead on this project, according to The Wall Street Journal, seeding the fund with $10 million and teaming up with the industry partners. Now they’re looking for a venture player to kick in $50 million on top of the $40 million promised by Celgene, Lilly and GE and take the lead in finding 15 to 20 new biotechs to back.