Eli Lilly Acquires Kelonia Therapeutics for $3.25 Billion After Rocky Road to Success

Wed, 22 Apr 2026 07:01:00 +0200

Eli Lilly has announced the acquisition of Kelonia Therapeutics, a small biotech company, for $3.25 billion. The deal highlights the company’s potential in developing cell therapies for cancer and autoimmune diseases, though its journey has been anything but smooth. Over the past five years, Kelonia struggled with financial challenges, at times coming dangerously close to running out of cash. Despite these setbacks, the company managed to secure crucial investments and make significant scientific progress. The acquisition deal includes provisions for additional payments tied to clinical, regulatory, and commercial milestones. Bryan Roberts, a partner at Venrock, the venture capital firm that incubated Kelonia, shared details of the company’s rough journey and the original slide deck and investment memo that helped launch the company. This acquisition underscores the unpredictable nature of biotech ventures and the critical role of venture capital in nurturing early-stage companies. The