08:16 AM EDT, 10/14/2024 (MT Newswires) -- Eli Lilly ( LLY ) has agreed to invest 279 million pounds ($364 million) in the UK as part of a collaboration with the government, the parties said in a statement Monday.

Under the terms of a memorandum of understanding, Eli Lilly ( LLY ) will establish a life-sciences incubator to provide lab space, mentorship, and possible financing for health-related startups.

Eli Lilly Chair and Chief Executive David A. Ricks said the collaboration would focus on potential treatments for obesity.

Eli Lilly ( LLY ) did not immediately reply to MT Newswires' request for additional comment.

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