How Eli Lilly's biotech collaboration model is rewriting early-stage innovation

What It Covers

Thomas Hopkins, VP and Head of Explore R&D at Eli Lilly, explains how the program works as a full-stack R&D partner for early-stage biotechs. Since launching in mid-2022, Explore R&D has signed over 100 collaborations with roughly 70 companies across 10 countries, scaling from under 10 to nearly 50 deals annually.

Key Questions Answered

• •Early engagement window: Explore R&D accepts biotech partners at any stage, from pre-incorporation spin-outs to post-IPO companies with 100-plus employees. Biotechs should not wait for mature data packages before reaching out — the program is specifically designed to engage before key strategic decisions are made, when course corrections are still low-cost.
• •Molecule creation with zero upfront cost: For biotechs with strong target identification but limited chemistry capabilities, Explore R&D manufactures pharma-grade molecules at no upfront charge. Compensation is structured as back-end economics only — light milestone payments and single-digit royalties — preserving biotech capital for clinical advancement rather than discovery infrastructure.
• •Vendor selection as a survival decision: Choosing the wrong CDMO or CRO early can consume millions in capital and eliminate viable development paths entirely. Explore R&D acts as a connector to pre-vetted third-party vendors, and can help biotechs select the right manufacturing partners before committing resources, potentially saving nine to twelve months in development timelines.
• •Clinical trial design as the highest-value activity: Optimizing inclusion and exclusion criteria, country selection, and site strategy determines whether a trial recruits rapidly or stalls entirely. Explore R&D applies Lilly's internal clinical and operational datasets to build enrollment strategies for biotech-run studies, directly addressing what Atlas Ventures identifies as the highest value-creating activity in biotech.
• •No exclusivity or pharma hooks attached: Biotechs retain full freedom to partner with any company after working with Explore R&D. There are no contractual obligations tying collaborators to Lilly for future deals. The program's model relies on relationship quality rather than contractual lock-in, making it a low-risk entry point for early-stage companies evaluating multiple strategic paths.