A planned new Indiana research facility is a giant step closer to becoming reality.
The Lilly Endowment is donating $10 million to the creation of the Indiana Biosciences Research Institute.
Biocrossroads CEO David Johnson says the goal is to raise a startup investment of 50 million dollars by this fall to hire a CEO for the new institute.
“Obviously, it’s a much larger fundraising operation than that. The capitalization of this will probably be $200 million, $300 million, $350 million. But that first fifty makes it very clear that this is a serious enterprise,” Johnson says.
Governor Pence proposed the institute during his campaign as a way to spur collaboration between university and commercial researchers.
The new state budget allocates half the start-up cost of $50 million, a figure Johnson says should get the attention of prospective CEOs for the institute.
The Lilly grant puts the institute within 15 million dollars of that figure.
Depending on who joins the institute, Johnson says some researchers could work out of Indiana University in Bloomington or near Indiana’s medical device manufacturers in Warsaw.
But he expects the institute to have a main campus of its own in the Indianapolis area. Johnson says it is important to put all those researchers under one roof to encourage collaboration.
The institute’s first projects will be in health research, including heart health, diabetes and nutrition.