Eli Lilly (NYSE:LLY) announced yesterday that it committed $92.5 million to establish a scholarship program at Purdue University.
The funding establishes an innovative new pharmaceutical manufacturing scholarship program. Lilly and Purdue also renewed their strategic research collaboration. This involves a series of moves aimed at expanding their impact in Indiana and improving lives around the world.
Lilly committed $42.5 million over 10 years to fund pharmaceutical manufacturing scholarships for incoming Purdue undergraduate students. Purdue can offer 75-100 students each year full tuition with a guaranteed internship or co-op at Lilly. The university also plans to give priority access to the program to underrepresented undergraduate students. This includes students who overcame socioeconomic or educational disadvantages or represent the first generation in their family to attend college.
“Lilly is among Purdue’s most important partners, and this latest commitment reaffirms our longtime collaboration. Through these collaborations, Lilly and Purdue are helping to build a critical pharmaceutical ecosystem in the heartland,” said Purdue President Mitch Daniels. “We have a company that is committed to advancing research and fostering talent. Lilly is investing in students very early in their education rather than waiting until late in their college careers – connecting to students before they even arrive on campus.”
Lilly plans to offer the first scholarships for fall 2023. It seeks to provide participating students with preferred access and opportunities to compete for a role at the company following graduation.
Further funding for Purdue
The company and Purdue hold a longstanding relationship. The two entered into a new strategic collaboration in 2017 with $50 in funding from Lilly. A new $50 million master agreement extends the work for another five years. They plan to focus on genetic medicine, intrathecal delivery and nanoparticle drug delivery.
“As the number of people who may benefit from our innovative medicines continues to increase, we are investing to advance critical research and build a more diverse pipeline of talent in Indiana. Together with Purdue, we can help to keep our state’s best and brightest in Indiana, furthering Lilly’s ability to make life better for millions of people,” said David A. Ricks, Lilly chair and CEO. “As a Purdue graduate, I am proud of the success the university has built and even more proud to see Lilly and Purdue team up to make both institutions better and better.”
Lilly said Purdue’s basic research helps the company expedite technology and pharmaceutical development. It introduced 18 new medicines over the last eight years and plans to introduce four additional ones in the next 18 months.
“Purdue’s approach to interdisciplinary research with Lilly is driven by an impact-focused mindset aimed at improving the lives of patients. Our collaboration spans training and development all the way to cutting-edge research and facilities,” said Theresa Mayer, Purdue University EVP for research and collaboration. “The extension of our agreement will continue to provide exceptional opportunities for faculty members and hundreds of graduate students from across the country to work side-by-side with colleagues from this leading pharmaceutical company.”