The $92.5m (€92.9m) that Eli Lilly will put into the partnership is broken down across the two elements making up the agreement.
A total of $42.5m will provide funding over 10 years to create scholarships for incoming Purdue University undergraduate students. The funds will be made available to those attending the West Lafayette, Indiana campus, which will provide between 75 and 100 students full tuition with a guaranteed internship or co-op at Lilly, as well as coordinated interaction with company leaders.
Lilly stated that priority will be given to undergraduate students who are underrepresented in Purdue’s student population, have overcome socioeconomic or educational disadvantages, or are among the first generation in their family to attend college.
In addition, participating students in the scholarship program will have preferred access and opportunities “to compete for a role at the company following graduation.”
According to Lilly, the company employs nearly 2,500 Purdue graduates, where it recruits for roles across engineering, sales, finance, human resources, marketing, procurement, supply chain and others.
Both partners work together on new curricula, experiential learning and certificate and degree programs in pharmaceutical manufacturing. The long-term plan being to grow the manufacturing base within Indiana, and to create a ‘talent pipeline’ from Purdue to Lilly, the latter company stated.
The rest of the funding provided by Lilly, which amounts to $50m, will go towards extending and furthering a collaborative research partnership. The original deal was agreed in 2017 and also commenced with a $50m investment – the newest agreement will also last for five years.
According to the organizations, the research efforts have led to an advance in the understanding of the physiology of drug delivery and the development of technologies to improve the delivery of pharmaceuticals. The research carried out by Purdue faculty also helps to expedite the development of technologies and pharmaceuticals.
“Through these collaborations, Lilly and Purdue are helping to build a critical pharmaceutical ecosystem in the heartland…Lilly is investing in students very early in their education rather than waiting until late in their college careers – connecting to students before they even arrive on campus," said Purdue President Mitch Daniels.
Earlier this year, Lilly announced a $2.1bn investment in two new manufacturing sites in Indiana. At the time of the announcement, the company stated that leading up to 2019, it had also invested $2.5bn into the state. The company also outlined that it had more than 3,700 manufacturing employees working in Indiana.