Eli Lilly plans $700 million genetic medicine institute in Boston

Anke Neustadt

Pharmaceutical giant Eli Lilly on Tuesday announced plans to make a major investment and establish an Institute for Genetic Medicine in Boston.The Indianapolis-based company announced that it plans to invest approximately $700 million to establish the facility in the Boston Seaport.”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,” the company statement said.According to the announcement, Eli Lilly plans to lease space in a new 12-story building being developed by Alexandria Real Estate Equities, Inc. that’s expected to be ready for occupancy starting in 2024. That developer’s only project under construction in the Seaport is the 12-story building at 15 Necco Street, which was originally expected to house a new headquarters for General Electric. “Through the work of the Institute, Lilly intends to fuel the development of genetic medicines, which already account for more than 20 percent of Lilly’s diabetes, immunology, and central nervous system research portfolio,” the statement said. Elli Lilly said it plans to use some of the space to support biotech startups, which could create up to 150 additional jobs. Company officials said the investment follows their acquisition of New York City-based gene therapy company Prevail Therapeutics in 2020. Eli Lilly said the facility in New York will remain and grow alongside the Boston investment.

Pharmaceutical giant Eli Lilly on Tuesday announced plans to make a major investment and establish an Institute for Genetic Medicine in Boston.

The Indianapolis-based company announced that it plans to invest approximately $700 million to establish the facility in the Boston Seaport.

“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,” the company statement said.

According to the announcement, Eli Lilly plans to lease space in a new 12-story building being developed by Alexandria Real Estate Equities, Inc. that’s expected to be ready for occupancy starting in 2024. That developer’s only project under construction in the Seaport is the 12-story building at 15 Necco Street, which was originally expected to house a new headquarters for General Electric.

Alexandria Real Estate Equities, BDPA document

15 Necco St. proposed building

“Through the work of the Institute, Lilly intends to fuel the development of genetic medicines, which already account for more than 20 percent of Lilly’s diabetes, immunology, and central nervous system research portfolio,” the statement said.

Elli Lilly said it plans to use some of the space to support biotech startups, which could create up to 150 additional jobs.

Company officials said the investment follows their acquisition of New York City-based gene therapy company Prevail Therapeutics in 2020. Eli Lilly said the facility in New York will remain and grow alongside the Boston investment.

https://www.wcvb.com/article/eli-lilly-plans-dollar700-million-institute-for-genetic-medicine-in-boston-seaport/39172287

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