Indiana Biosciences Research Institute Statement Regarding Governor Pence’s Cost-Saving Measures Announcement
December 10, 2013
We appreciate and support the State of Indiana’s commitment to maintain its AAA credit rating, as that is an important part of the State’s ability to continue to grow its economy. The State’s budget announcement will have no material financial impact on the Institute.
As previously agreed, the State will provide the full $25 million of its committed funding to the IBRI based on the Institute achieving defined milestones that demonstrate meaningful progress and advancement. Since these milestones are anticipated to be achieved and certified over time, the State’s budget announcement will have a small timing, but non-material financial impact on the IBRI. The State is in the process of certifying the first funding milestone, which was reached with the $25 million in matching funds that the Institute raised from corporate and philanthropic partners. Upon certification of this first milestone, the State will release the first $10 million of its $25 million commitment on-time. We appreciate the State’s active and continued leadership and support of the Institute, which remains a top priority for the State.
About the Indiana Biosciences Research Institute
The Indiana Biosciences Research Institute was incorporated in May 2013 and is the first industry-led biosciences research institute in the nation. The Institute is being developed by industry executives from Eli Lilly and Company, Roche Diagnostics, Dow AgroSciences, Indiana University Health, Cook Medical and Biomet, the Governor of Indiana, with active support in initial development by BioCrossroads. Indiana’s research institutions, including Indiana University, Purdue University and the University of Notre Dame also are participating in the development process.