From brushes with insolvency to record $3.25B takeout, Kelonia broadens Lilly’s in vivo CAR T pipeline

Promising first-in-human data for an in vivo CAR T presented in December have spurred Lilly’s acquisition of Boston biotech Kelonia for $3.25 billion up front, the largest amount paid for a private, venture-backed biotech pure-play in history.

The deal is the culmination of a six-year journey that led Kelonia Therapeutics Inc. through flirtations with insolvency, Venrock’s Bryan Roberts told BioCentury. The firm seeded Kelonia and participated in its $50 million series A round, as well as a $10 million bridge loan; Roberts holds a board seat...