Pharmaceutical company Eli Lilly has helped venture firm TVM raise $150m for its latest life science fund.
Eli Lilly was joined investing in the fund, TVM Life Science Ventures VII, by fund of funds Teralys Capital, which invested $65m.
Advantus Capital Management, a subsidiary of the Minnesota Life Insurance Company, and BDC Venture Capital, Fondaction also invested in the fund.
Darren Carroll, vice president of corporate business development for Eli Lilly and Company, said: "There are many challenges today in financing early-stage life sciences innovation. We are hopeful that the project-focused company model will allow for greater cost efficiency, thus focusing development efforts on the most promising therapeutic products. We are excited about the role that Chorus can play with our partners, as they independently shape new life sciences opportunities."
Eli Lilly has also established a Canadian unit of its early stage drug development unit Chorus in Montréal.
Michael Mason, president and general manager, Eli Lilly Canada, said: "We are pleased to join Teralys Capital and TVM Capital to support the growth of the life sciences industry in Canada. This new investment will support a more efficient way to develop innovation in Canada and will hopefully lead to improved outcomes for individual patients around the world. Establishing a Chorus division in Montréal illustrates Lilly’s commitment to ‘research without walls’ and to investing in research and development in Canada. We are proud that Chorus Canada will employ scientific experts in Montréal, and contribute to job creation and ongoing employment within this industry in the province and Canada."