Lilly to continue China expansion

Venture capital boost made to bolster R&D

BEIJING - Multinational drugmaker Eli Lilly and Co said on Tuesday it will continue its venture capital investment in China's biopharmaceutical industry. The move will to strengthen its research and development (R&D) strength and expand its presence in China.

Lilly is the first international pharmaceutical company operating such a fund in China. Since being established in 2007 with an initial investment of $100 million, the fund - Lilly Asian Ventures - has completed seven projects with a total investment exceeding 300 million yuan ($45.8 million) in China.