Lilly highlights progress of Mirror Portfolio drug development scheme

Lilly has reported that its Mirror Portfolio scheme for external drug development has achieved a significant milestone in the development of a pair of new drugs.

The Mirror Portfolio initiative sees virtual companies financed by independent investment funds acquire molecules to conduct early-stage clinical studies before selling them to pharmaceutical firms.

In the latest development, one of the venture capital firms participating in the scheme has purchased two molecules – one specified for congestive heart failure, the other for bone healing and cancer – for development.

It will be assisted in this research by Chorus, a lean virtual development organisation created by Lilly.

Robert Armstrong, Lilly's vice-president for global external research and development, said: "Working with venture capital to make the concept of the Mirror Portfolio a reality is one way Lilly is 'innovating on innovation' as we strive to support the development of new medicines."

Earlier this month, Lilly's chief executive officer Dr John Lechleiter spoke at the Economist's 2011 Pharma Summit and called for pharmaceutical firms to adopt a more collaborative approach to drug development.