Eli Lilly acquired Kelonia, an in-vivo CAR-T technology company incubated by Venrock, for $3.25 billion in cash upfront and with a total payout of $7 billion if certain milestones are met. It’s the latest signal of how Eli Lilly, like many of its peers, are using their substantial cash from the GLP-1 boom to diversify beyond the obesity market. It’s also a nice exit for a biotech company whose last round was a Series A in 2022 at a $104 million post-money valuation, per PitchBook data. “M&A in 2026 feels pretty hot,” said Bryan Roberts, a Venrock partner who led the firm’s investments in Kelonia. “The obesity wave is creating opportunity and cash flow — and fear about what happens post,” he added.
Read the full article: Eli Lilly Hedges Against GLP-1 Revenue Drop-Off with $7B Acquisition //
Source: https://pitchbook.com/news/articles/eli-lilly-hedges-for-a-glp-1-revenue-drop-off-with-7b-acquisition