Eli Lilly plans S'pore unit

Eli Lilly plans S'pore unit

SINGAPORE (AFP): US pharmaceutical giant Eli Lilly and Co.
will spend US$140 million in the next five years to establish a
research and development center in Singapore, the state Economic
Development Board said.

The Lilly Centre for Systems Biology is scheduled to start
operations in early 2001 and is part of Singapore's efforts to
build a centre for biomedical research, the board said in a press
statement late Tuesday.

The investment comes at a time when Singapore's export-
dependent economy is slowing down because of a slump in global
demand for electronics products and the downturn in the US
economy.

It will be the first investment to receive funding from a one
billion Singapore dollar (555 million US) fund set up by the
Singapore government to lure investments in the fledgling
biomedical sector.

US-based Lilly manufactures drugs to treat hormone growth
deficiency, cancer and other ailments.