URL has been copied successfully!
Eli Lilly is spending $3.25 billion to acquire Kelonia Therapeutics, a small biotech company developing cell therapies for cancer and autoimmune diseases, the companies announced Monday.
Lilly could pay more if Kelonia achieves specified clinical, regulatory, and commercial milestones.
The acquisition is a boon for the small startup, which has subsisted on just $60 million over the last five years and previously struggled to stay afloat. Three times, the company came within a week of running out of cash, according to Bryan Roberts, a partner at the venture capital firm Venrock, which incubated the biotech.
Please follow us:
