HEALTH

Lilly, Biotech Firm in Venture: Indianapolis-based Eli Lilly & Co. said it is teaming with Somatogen Inc. to make artificial hemoglobin that could be used as a blood substitute in emergencies. Boulder, Colo.-based Somatogen developed the product and is testing it with patients. The partnership will join a handful of other companies racing to get FDA approval for the first artificial blood. The agreement calls for Lilly to invest $20 million in Somatogen in exchange for Somatogen common stock. Somatogen will also receive an additional $15 million equity investment if it meets certain milestones regarding the product. If the product is approved, Lilly will manufacture it and have exclusive marketing rights worldwide, except in North America and Scandinavia.