Pharmaceutical giant Eli Lilly is opening an accelerator and co-working space for biotech companies in San Diego.
The facility will lease space to up to 10 biotech companies and allow them to work with and partner with Eli Lilly, according to a Nov. 28 news release from the company. The 62,000-square-foot space will open in the first half of 2024. The accelerator program and facility, called Lilly Gateway Labs, will support up to 120 employees.
Companies that have participated in the Gateway Labs program have raised more than $1 billion in capital, according to a Nov. 29 report from The San Diego Union-Tribune. Eli Lilly did not disclose how much the San Diego space will cost to build.