This report was first published by Endpoints News. To see the original version, click here
The investor Venrock will make $900 million on a relatively small $20 million investment into Kelonia Therapeutics, which on Monday agreed to sell itself to Eli Lilly in a $3.25 billion upfront deal.
Venrock’s return — 45 times its initial investment — could grow substantially larger if the deal pays out more of its full value, a spokesperson for the VC firm told Endpoints News. As part of its acquisition of Boston-based Kelonia, Lilly could pay out as much as $3.75 billion more if Kelonia’s in vivo CAR-T programs hit certain milestones.
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