The new investment by Teralys Capital, together with investments by Eli Lilly and Company and other partners amounts to $150m, and enables a new investment model in Québec.
As part of the arrangement, Lilly will establish a Canadian unit of Chorus in Montréal, which is a global-early-phase drug development network that focuses on designing and executing development plans that cost-effectively progress potential medicines from candidate selection to clinical proof-of-concept.
Chorus Canada will work with development service providers across the province and elsewhere to offer development services to project-focused companies based primarily in Québec.
Teralys Capital managing partner Jacques Bernier said TVM Life Science and Chorus Canada, both headquartered in Montréal, will enhance the entire life sciences ecosystem in Québec.
"Along with our recent investments in Lumira Capital, this announcement further strengthens Québec’s position as a leader in life sciences and signals our desire to pioneer new investment models for sustainable value creation," Bernier added.
Eli Lilly Canada president and general manager Michael Mason said the new investment will support an efficient way to develop innovation in Canada and will lead to improved outcomes for individual patients around the world.
"Establishing a Chorus division in Montréal illustrates Lilly’s commitment to ‘research without walls’ and to investing in research and development in Canada," Mason added.