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.