Eli Lilly plans S'pore unit<\/p>\n
SINGAPORE (AFP): US pharmaceutical giant Eli Lilly and Co.
\nwill spend US$140 million in the next five years to establish a
\nresearch and development center in Singapore, the state Economic
\nDevelopment Board said.<\/p>\n
The Lilly Centre for Systems Biology is scheduled to start
\noperations in early 2001 and is part of Singapore's efforts to
\nbuild a centre for biomedical research, the board said in a press
\nstatement late Tuesday.<\/p>\n
The investment comes at a time when Singapore's export-
\ndependent economy is slowing down because of a slump in global
\ndemand for electronics products and the downturn in the US
\neconomy.<\/p>\n
It will be the first investment to receive funding from a one
\nbillion Singapore dollar (555 million US) fund set up by the
\nSingapore government to lure investments in the fledgling
\nbiomedical sector.<\/p>\n
US-based Lilly manufactures drugs to treat hormone growth
\ndeficiency, cancer and other ailments.<\/p>",
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