NEW YORK, Sept. 20 – Eli Lilly has formed a new venture capital group, Lilly Bioventures, that will invest in early-stage biotechnology companies, Lilly said Thursday. 

The venture capital group will make initial investments of up to $5 million in companies developing new biotechnology or biopharmaceutical technologies, and companies developing new or improved platforms for drug discovery, Lilly said. The company did not disclose the total value of the new fund.

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