Roche and Eli Lilly are among major life science players in Indiana putting resources behind a public-private research institute that would discover and develop new health innovations.

Industry leaders from the drugmakers, along with Biomet, Cook Medical, Dow AgroSciences and Indiana University Health have defined a set of common scientific interests that will be the focus of the new Indiana Biosciences Research Institute, announced today by industry group BioCrossroads.

Initially, the institute’s work will focus on understanding the biological and metabolic pathways of cardiovascular disease, diabetes, obesity and nutrition. The goal, according to a statement from Lilly, is to build a “deeper library of intellectual property” within the state.

What hasn’t yet been ironed out, according to industry leaders, is a framework for sharing that intellectual property that results from the institute’s work. That will likely be an important factor in future funding and industry participation, as all of the companies who are part of the formation of the institute have some kind of vested interest in metabolic disease. Lilly, for example, has two Phase 2 development diabetes drugs and a number of other early-stage candidates focused on diabetes and cardiovascular disease in its pipeline. Roche, the maker of Accu-Chek, also has early- and late-stage drug candidates for diabetes and cardiovascular disease.

“As the scientific discovery process increases in complexity, more companies are looking outside their own walls for multi-disciplined team members to help move innovation forward, at a faster rate, in order to remain competitive,” said Jon Serbousek, president of Biomet Biologics, in a statement.

Indiana University, Purdue University and the University of Notre Dame are also participating in the development process for the non-profit institute, which will use startup funds to recruit a nationally recognized CEO and research fellows.

The state of Indiana has designated $25 million over two years in startup funding for the institute, which is seeking another $25 million in initial corporate and philanthropic funding. All in all, the Institute is expected to carry a price tag of $360 million.

“Just as companies like Lilly and Cook Medical started as small, entrepreneurial operations, we expect the Institute to draw the best and the brightest to Indiana to further deepen our life sciences industry roots and grow more business opportunities,” said Steve Ferguson, chairman of Cook Group.

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