Lilly has announced the promotion of veteran employee Darren Carroll to the position of senior vice-president of corporate business development.

Mr Carroll has been with Lilly for 18 years, serving most recently as its vice-president of corporate business development since 2010. During his time, he has helped to lead and create a number of new business models and opportunities for the company.

“Lilly has appointed Darren Carroll as its new senior vice-president of corporate business development.“

For example, he helped to spearhead the e-Lilly, InnoCentive, Lilly Ventures and Lilly Asia Ventures projects, while also driving the company's Capital Funds Portfolio strategy, which has led to the creation of 11 new companies so far.

In his new role, Mr Carroll will take responsibility for all of Lilly's strategic corporate transactions, including mergers and acquisitions, joint ventures, business collaborations, private equity investments and out-partnering.

Derica Rice, Lilly's executive vice-president of global services and chief financial officer, said: "Darren's high integrity, insights into diverse markets and cultures and unique experiences, both inside and outside of Lilly, are important assets as we seek to be more attractive to potential partners."

Partnerships and collaborations form a key part of Lilly's business strategy. Last month, it announced new alliances with Adocia and the University of Surrey, which will help to broaden its expertise in the field of diabetes.