As reported in Fierce Biotech, the goverment in Queensland, Australia has signed up Eli Lilly as a big contributor to its new venture fund. Lilly will contribute $50 M to the fund, matched by $25 M in Queensland dollars, that is targetting a war chest of $250 M for VC biotech investments in the Asia-Pacific region.
The funding effort is meant to spur biotech development in Queensland as the goverment makes a big push. It is generally felt that the lack of venture funding has held back biotech development in Australia despite some leading science in the area.
Premier Anna Bligh explains that the government hopes to tap into a $20 B drug development industry in Australia by 2025. "This fund makes Queensland a key biotechnology hub in the Asia Pacific region."
Earlier this month,the Queensland government announced a $60 M deal with DSM to build and operate a new 70,000 sq ft, mammalian cell culture based CMO facility to support development and production of biotech drugs.
It looks like the government business development staff have been very busy. This is following the Queensland biotechnology strategic plan 2005-2015 aimed at creating $4 B in revenues and 16,000 Queensland biotech jobs by 2025.
Posted by Bruce Lehr May 24th 2010.