Eli Lilly and Co. has reorganized its venture capital division and simultaneously poured in an additional $200 million.
Now that Lilly Ventures is an autonomous subsidiary of the drug giant, it will be able to pay its managers more when their investment decisions generate spectacular returns. The unit’s six employees previously couldn’t take a cut of profit because of restrictions in Lilly’s compensation policies.
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Formed in 2001 with $175 million, Lilly Ventures is Indiana’s second-largest venture capital firm. Eli Lilly has been and remains its sole investor. Lilly Ventures will continue to report up through the drugmaker’s chain of command, but with greater independence.
Lilly Ventures’ money so far has gone to nearly two dozen biotech, medical technology and health care IT startups around the world, none based within Indiana. Outlays from its original fund, now fully invested, have generally ranged from $1 million to $5 million.
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