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news.Eli Lilly is to invest $150 million in order to expand its research unit in Singapore and develop new treatments for cancer and diabetes.
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Lilly said the new facility would be known as the Lilly-Singapore Center for Drug Discovery and it aims to identify two potential drug candidates from its Singapore center within five years. The center will also research epigenetic biology and adult stem cell biology.
Lilly follows other pharmaceutical companies, such as Novartis and GlaxoSmithKline, by investing in Singapore. The expansion will increase the number of scientists there by 150.
The facility was established in 2002 and is managed under a partnership with Singapore's Economic Development Board.