ChEMBL

The European Commission and EFPIA (European Federation of Pharmaceutical Industries and Associations) has recently announced the 2nd round of the Innovative Medicines Initiative (IMI) scheme, the amount of funding available is quite substantial, but arguably more important to the research community is the embracing of open data and services, and in particular coordinated pre-competitive activities (there is a lovely recent paper on these sort of activities here, a subscription may be required)

%J Nature Rev. Drug Discov. 
%D 2009
%P 701-708
%T Lowering industry firewalls: pre-competitive informatics initiatives in drug discovery
%A Barnes MR
%A Harland L
%A Foord SM
%A Hall MD
%A Dix I
%A Thomas S
%A Williams-Jones BI
%A Brouwer CR

To quote from the EU Commissioner of Science and Research, Janez Potocnik.

"We should see results from this exciting new research mechanism very soon and [...] new innovative medicines should reach European patients faster"

To quote from Bill and Ted

"Most excellent!"

The website for IMI is http://imi.europa.eu, and details of the second call are here