The Indiana Biosciences Research Institute (IBRI) reached its first $50-million funding milestone with contributions from corporate and philanthropic funders, including $7.5 million from Eli Lilly, and $25 million appropriated by the Indiana General Assembly earlier this year, IBRI announced in a press release. The funding will fuel continued momentum in the development of the first industry-led biosciences research institute in the US.
"The IBRI is an R&D model that will help us address some of our most pressing medical needs,” said John C. Lechleiter, PhD, chairman and CEO of Eli Lilly and Company, which is headquartered in Indiana, in a Nov. 2013 company press release. “Despite important advances in recent years, diseases such as diabetes continue to affect our citizens at alarming rates. By pulling together the best minds for collaborative thinking and research, the new institute will help move us closer to solving some of the world's most difficult challenges in health and nutrition."
The non-profit research institute was launched in May 2013 and launched its CEO search in September. 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 cardiovascular disease, diabetes, obesity, and nutrition.