Former Lilly Leaders Launch 501 Ventures to Drive Next-Gen Obesity, Diabetes, & Metabolic Breakthroughs - ( $AZN $LLY $NVO $MTSR $MODD ) - Vista Partners LLC

Two veterans of Eli Lilly’s diabetes business have a fresh diagnosis for the biotech world: more science, less ceremony. Enrique Conterno and Meg Powell, former senior leaders at Lilly, have teamed up to launch 501 Ventures, a new venture capital firm devoted to “advancing the science” of metabolic health.

The duo is betting that the GLP-1 era—driven by blockbusters such as Lilly’s Mounjaro and Novo Nordisk’s (NVO) Wegovy—is merely the first act in a far longer performance. “Some people think the metabolic health story has been written,” Conterno said during an interview at this year’s ObesityWeek conference in Atlanta. “It’s still going to be written.”

From Big Pharma to Venture Capital

Conterno, who led Lilly Diabetes and Lilly USA before serving as CEO of FibroGen, now chairs 501 Ventures while also sitting on Zealand Pharma’s board. Powell, also a Lilly alum, later held roles at GSK, Aerial BioPharma, and Target PharmaSolutions. Together, they bring both commercial know-how and scientific insight to the firm.

Their partnership comes with a playful twist. The firm’s name—501 Ventures—pays homage to U.S. Route 501, the road connecting Duke University and the University of North Carolina at Chapel Hill. Conterno, a Duke graduate, and Powell, a proud Tar Heel, admit their school rivalry still colors their collaboration. “We have a bit of a rivalry,” Conterno joked.

Betting on Early-Stage Science

The 501 team plans to invest primarily in early-stage biotech startups developing next-generation medicines for obesity and metabolic health. Target projects are those a few years from the clinic—programs that need both capital and guidance to determine if they truly stand apart.

Powell says the firm’s mission is to keep investments focused on data rather than bureaucracy. “As soon as you figure out that they’re not best-in-class, shelve them,” she said, emphasizing a disciplined and scientific approach over investor hype.

While the firm has not disclosed its fundraising figures, Powell noted that 501 Ventures is engaging with biopharma companies eager for a front-row seat to emerging science. “So much of what happens in biotech fundraising goes to overhead instead of doing the science,” she said. “We’re committed to fixing that.”

The Global Hunt for Innovation

Conterno and Powell plan a global search for promising research hubs. They cited Boston, San Francisco, San Diego, Shanghai, Tokyo, and Copenhagen as key regions of focus, with Indianapolis receiving an honorable mention thanks to their shared Lilly heritage.

Beyond new drugs, the metabolic health ecosystem continues to evolve through device innovation. Modular Medical (MODD), a California-based medtech company, is making progress with its Pivot Insulin Delivery System—a simplified, next-generation insulin patch pump designed to eliminate many of the usability barriers of traditional pumps. The company recently announced progress toward FDA clearance and a manufacturing ramp-up to support anticipated commercialization. Its goal is to make insulin delivery easier and more affordable for people with diabetes, complementing the pharmaceutical advances that 501 Ventures aims to accelerate.

A Competitive Field with Many Innings to Play

The obesity and metabolic sectors are seeing renewed dealmaking activity. Pfizer recently edged out Novo Nordisk to acquire Metsera (MTSR), while AstraZeneca (AZN) exercised its option to buy SixPeaks Bio—both signaling that big pharma remains firmly in the hunt for differentiation.

Still, Conterno sees the opportunity set as just beginning. “We’ve only played the first few,” he said. “I don’t know if it’ll go to 18 innings like in the World Series, but there’s a lot of innings left to play.”

For now, 501 Ventures looks poised to step to the plate—armed with insider experience, a friendly rivalry, and a mission to fund ideas that could reshape the future of metabolic health.

Former Lilly Leaders Launch 501 Ventures to Drive Next-Gen Obesity, Diabetes, & Metabolic Breakthroughs – ( $AZN $LLY $NVO $MTSR $MODD )

From Big Pharma to Venture Capital

Betting on Early-Stage Science

The Global Hunt for Innovation

A Competitive Field with Many Innings to Play

The Sources

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