Eli Lilly and Company (NYSE:LLY) will spend roughly $700 million to build the Lilly Institute for Genetic Medicine in Boston’s Seaport neighborhood.
The facility will focus on RNA- and DNA-based therapeutics and draw resources from Lilly’s 2020 acquisition of Prevail Therapeutics for approximately $1 billion.
The new facility will be based in a 334,000 ft2 site in a 12-story building.
Lilly plans on occupying the site in 2024.
Before the acquisition, Prevail focused on developing disease-modifying AAV9-based gene therapies for neurodegenerative diseases.
“Establishing the Lilly Institute for Genetic Medicine will allow us to pair cutting-edge technologies with our deep biological expertise in several areas, including neuroscience and diabetes,R…