Eli Lilly and Purdue University expand their partnership with a $250 million investment to advance pharmaceutical innovation and workforce development.

Eli Lilly and Company (NYSE: LLY) and Purdue University announced Friday (May 9) a significant expansion of their long-standing

The investment over the next eight years could be the largest ever industry-academic agreement of its kind in the U.S., the two sides said.

Eli Lilly is investing more in its home state of Indiana, pumping up to $250 million more into an existing collaboration with Purdue University over the next eight years.

Eli Lilly and Co. and Purdue University on Friday announced an expanded collaboration agreement, with the Indianapolis drugmaker planning to invest up to $250 million over the next eight years to foster pharmaceutical innovation.

This partnership, which officials said has the potential to be the largest ever U.S. industry-academic agreement of its kind, will seek to accelerate innovation in the pharmaceutical pipeline.

Eli Lilly and Purdue University announced a $250 million in what the two institutions say is the largest industry-academic partnership in the country.

Pharmaceutical giant Eli Lilly will invest $250 million in an eight-year research partnership with Purdue University. Why it matters: There's a lot of uncertainty around federal research funding at the moment,