Pharmaceutical giant Eli Lilly (LLY) is investing $250 million in Purdue University.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Purdue is based in Eli Lilly’s home state of Indiana, and the company has an existing relationship with the university. The new investment of $250 million will be made over the next eight years, said Eli Lilly in a news release.
Specifically, the $250 million investment will go towards the development of artificial intelligence (AI) drug discovery methods, speeding up the process of moving drugs through clinical trials, and enhancing Indiana’s life sciences workforce.
Advanced Research
As part of the agreement, Purdue University will give Eli Lilly researchers workspace on the university’s Indiana campus so that they can collaborate on advanced research, notably in the area of AI-enabled drug discoveries. The end goal of the partnership is to get medicines to patients faster, get new drugs into clinical trials quicker, and strengthen the pharmaceutical supply chain.
This new $250 million brings Eli Lilly’s total investment in Purdue University to $352 million since 2017. The money has also gone towards scholarships and a research center at the university. Eli Lilly and Purdue University have also worked on drug manufacturing techniques that use autonomous systems and artificial intelligence. LLY stock has declined 2% this year.
Is LLY Stock a Buy?
The stock of Eli Lilly has a consensus Strong Buy recommendation among 19 Wall Street analysts. That rating is based on 18 Buy and one Sell recommendations issued in the last 12 months. The average LLY price target of $981 implies 29.75% upside from current levels.
