Kelonia Therapeutics has become the latest biotech acquisition target this week. The privately held company, focused on developing cell therapies for cancer and autoimmune diseases, will be acquired by Eli Lilly.
The $3.2 billion deal—with potential milestone payments that could double the total payout—represents a significant turnaround for Kelonia. Over the past five years, the startup has subsisted on just $60 million in funding and came within a week of running out of cash on three separate occasions.
In a recent episode of STAT’s biotech podcast, “The Readout Loud,” the publication spoke with Bryan Roberts, a partner at Venrock, the venture capital firm that incubated Kelonia, to discuss how the struggling startup secured such a major deal.
Roberts shared insights into the challenges Kelonia faced, including its near-cash crunch and the strategic decisions that ultimately led to Eli Lilly’s acquisition. The deal underscores the high-stakes nature of biotech investments and the potential for even struggling startups to secure transformative partnerships.
For more details on the acquisition and Kelonia’s journey, continue to STAT+.
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