INDIANAPOLIS (dpa-AFX) - Eli Lilly and Co. (LLY) is planning to invest $364 million or 279 million pounds in the biotechnology segment in the U.K., to establish Lilly Gateway Labs. The company will have its focus on Mounjaro for diabetes and Zepbound for weight loss, with a target to curb health challenges. The deal was officially revealed at the International Investment Summit on Monday.
As per the memorandum of understanding with the U.K. government, Lilly will support early-stage life sciences businesses. The financial aspects of the investment are not fully revealed.
The drugmaker's Gateway Labs will provide mentorship, as well as financial backing.
UK's Health and Social Care Secretary Wes Streeting said, 'This announcement helps the UK take its place as a world leader in life sciences and brings life-changing treatments closer to being a reality for NHS patients. Partnerships like this are key to building a healthier society, healthier economy, and making the NHS fit for the future.'
In 2023, the life sciences sector has driven 800 million pounds in foreign direct investment into the UK.
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