Institute Lands $100M in ‘Monumental’ Grants
The IBRI will span 75
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe chief executive officer of the Indiana Biosciences Research Institute says grants totaling $100 million from Lilly Endowment Inc. and the Eli Lilly and Co. Foundation give the effort "instant credibility." David Broecker says the funding will be the catalyst the IBRI needs to recruit top research talent from around the world and fund breakthrough research on metabolic diseases and nutrition. The $350 million institute will be the anchor of the planned 16 Tech innovation district in downtown Indianapolis.
With the new grants, IBRI says it has raised nearly half of its three-year target from philanthropic sources, government grants and industry contributions. Broecker says the first $50 million came from "founding stakeholders," including the state of Indiana. He says there is still "a long way to go in terms of raising money," and plans to spend much of his time identifying individuals and families from throughout the United States that want to support the project.
Broecker says Lilly Endowment’s $80 million grant is the second-largest in its history. He says $45 million of the funding is unrestricted, while $35 million is subject to dollar-for-dollar matching conditions. The Eli Lilly and Co. Foundation’s $20 million grant counts toward that total, meaning $15 million remains to be matched.
In a release from IBRI, Broecker called the grants a "monumental achievement for the Indiana Biosciences Research Institute and for the global life sciences research community." Lilly Endowment CEO Clay Robbins says the institute "holds great promise to enhance Indiana’s position as a global leader in life sciences innovation."
Last year, the City-County Council in Indianapolis approved $75 million in bond funding for infrastructure work at the 60-acre industry, residential and retail site planned near the IUPUI campus. Broecker says engineering work is underway. The IBRI will span 75,000 square feet of office and research space. Broecker expects crews to break ground later this year, with plans to move in by mid-to-late 2018.