Includes $65 million from Teralys Capital and a new Eli Lilly division slated for Montreal.
There’s a new venture capital pipeline on the ground for Quebec’s life sciences sector.
Montreal-based Teralys Capital has put $65 million into TVM LifeScience Ventures VII, a new $150-million fund focused on early stagedrug development and other life sciences activities. Other investors inthe fund are Eli Lilly Canada, Business Development Bank of Canada,Fondaction, and Advantus Capital Management.
As part of the deal surrounding the fund, Eli Lilly will set up adivision of its drug development unit in Montreal that will be calledChorus Canada.
Today’s announcement comes just days after Teralys also invested in anew Celtic House VenturePartners media communications fund worth $105million.