One of the independent venture capital firms participating in the Portfolio has acquired two molecules and will oversee the next stage of their development.
The first is a molecule being studied as a potential treatment for congestive heart failure and has been developed pre-clinically by researchers at a major academic institution.
The second molecule was developed by Lilly and is being evaluated for its potential in bone healing and cancer.
Eli Lilly vice president of Global External Research and Development Robert Armstrong said the licensing of these molecules by the independent funds is an important milestone for the Mirror Portfolio since working with venture capital to make the concept of the Portfolio a reality is one way Lilly is innovating on innovation.
Lilly has committed to invest nearly 20% of the capital for these funds (a total commitment of up to $150m), and to out-license molecules to these funds.
In return, Lilly will receive preferential access to molecules managed by the funds.
Lilly will also retain the rights to purchase all molecules licensed from Lilly via the Mirror Portfolio, and to acquire a limited number of externally sourced compounds at market value.