Abstract
Eli Lilly & Co. is the latest global pharmaceutical maker to back early-stage life sciences firms in Canada. Last week, the drug company, Teralys Capital, and other partners invested in a $150 million venture fund managed by TVM Capital in Montreal. The fund intends to support small firms focused on single therapeutic projects. To provide further assistance, Lilly will also establish a Canadian division of Chorus, the early-phase drug development network it started in 2002. Drawing on Lilly and outside service providers, Chorus will help small Quebec-based companies advance drug candidates to the clinical proof-of-concept stage. A majority of Canada’s life sciences firms are in Quebec, according to the economic development group Investissement Quebec. Thanks to tax incentives and a skilled workforce, Montreal ranks eighth among cities in North America for pharma jobs, the group says. Merck & Co. targeted Quebec in March when it invested $35 million in the ...
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