Eli Lilly andCo. has announced it will spend as much as $10 million per year as part of a new initiative with university researchers to support the company's drug discovery and development efforts.
The program, called Innovation Starts Here, has selected the first three teams that will begin work with Lilly. The IndianaUniversity School of Medicine will help research chronic pain, while universities in Denmark and Spain will help look at schizophrenia and Alzheimer's disease.
The IndianapolisStar notes that Lilly has had a long history of teaming up with academia. In 1923, it bought the commercial rights for insulin from the University of Toronto, which had discovered the medicine.