The portfolio is aligned with
Lilly
's efforts to combat racial injustice and its effects on Black Americans and historically marginalized communities in the
U.S.
, as well as
Lilly
30x30, a global initiative to improve access to quality healthcare for 30 million people living in limited-resource settings annually by 2030.
"
Lilly
is pleased to announce the expansion of our inclusive, for-profit Social Impact Venture Capital Portfolio aimed at leveraging
Lilly
's resources to invest with purpose," said
Anat Ashkenazi
,
Lilly
's executive vice president and chief financial officer. "Through this investing strategy, we are not only taking into account the potential for monetary returns but also a fund's impact on people's lives, livelihoods, health and wellbeing."
The additional
$50 million
will go towards venture capital firms that specialize in near- and long-term healthcare solutions for patients in low- and middle-income countries, such as hospital systems, pharmacies, medical devices, digital health, diagnostics, therapeutics and more.
Included in this allocation is a recent commitment to LeapFrog Emerging Consumer Fund IV. LeapFrog is an impact growth equity fund investing in South and Southeast Asian and African businesses that, among other priorities, provide innovative healthcare solutions to low-income consumers by offering relevant and affordable products to promote wellness and help prevent and manage chronic diseases.
Lilly
launched the Social Impact Venture Capital Portfolio in 2020 with a
$100 million
commitment to the
AMR Action Fund
, which aims to bring two to four new antibiotics to patients by 2030 to provide the next line of defense against multi-drug resistant pathogens. In
April 2023
, the
AMR Action Fund
announced its latest investments in biotech companies targeting a range of infections.
Since 2020,
Lilly
has allocated
$150 million
as part of its Racial Justice Commitment,
$110 million
of which has already been committed to eight newly formed
U.S.
-based Black and minority-led venture capital firms, four of which are led by women.
Through these investments,
Lilly
has indirectly funded over 50 U.S.-based start-ups, many of which are focused on building healthcare solutions ranging from increasing clinical trial diversity, emphasizing women's health care, promoting culturally competent care, and increasing healthcare accessibility and affordability for marginalized communities.
About
Lilly
Lilly
unites caring with discovery to create medicines that make life better for people around the world. We've been pioneering life-changing discoveries for nearly 150 years, and today our medicines help more than 51 million people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world's most significant health challenges, redefining diabetes care, treating obesity and curtailing its most devastating long-term effects, advancing the fight against Alzheimer's disease, providing solutions to some of the most debilitating immune system disorders, and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we're motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. To learn more, visit Lilly.com and Lilly.com/newsroom or follow us on Facebook, Instagram, Twitter and LinkedIn. I-LLY
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about
Lilly
's Social Impact Venture Capital Portfolio and reflects
Lilly
's current beliefs and expectations. However, there can be no assurance that
Lilly
's Social Impact Venture Capital Portfolio or the related investments will achieve
Lilly
's objectives or that
Lilly
will execute its strategy as planned. For further discussion of risks and uncertainties relevant to
Lilly
's business that could cause actual results to differ from
Lilly
's expectations, see
Lilly
's Form 10-K and Form 10-Q filings with the
United States Securities and Exchange Commission
. Except as required by law,
Lilly
undertakes no duty to update forward-looking statements to reflect events after the date of this release.
Refer to:
Carrie Munk
, munk_carrie@lilly.com; 317-416-2393
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SOURCE
Eli Lilly and Company