STAT+: A biotech VC on what Eli Lilly saw in a struggling cancer startup for $3.2B

STAT PlusThe Readout LOUD A biotech VC on what Eli Lilly saw in a struggling cancer startup for $3.2B In a Q&A, Venrock partner Bryan Roberts about a big-time deal Manage alerts for this article Email this article Share this article By Allison DeAngelis, Adam Feuerstein, and Elaine ChenApril 24, 2026 Allison DeAngelis[email protected]Allison DeAngelis is the East Coast biotech and venture capital reporter at STAT, reporting where scientific ideas and money meet. She is also co-host of the weekly biotech podcast, The Readout Loud. You can reach Allison on Signal at AllisonDeAngelis.01.Adam Feuerstein[email protected]Adam Feuerstein is a senior writer and biotech columnist, reporting on the crossroads of drug development, business, Wall Street, and biotechnology. He is also a co-host of the weekly biotech podcast The Readout Loud and author of the newsletter Adam’s Biotech Scorecard. You can reach Adam on Signal at stataf.54.Elaine Chen[email protected]Elaine Chen covers biotech, co-writes The Readout newsletter, and co-hosts STAT’s weekly biotech podcast, The Readout Loud. You can reach Elaine on Signal at elaineywchen.70. Kelonia Therapeutics became the newest biotech takeout target this week. The privately held company, which is developing cell therapies for cancer and autoimmune diseases, will be acquired by Eli Lilly. The acquisition is a boon for the small startup, which has subsisted on $60 million over the last five years and previously struggled to stay afloat. (Check out an earlier slide deck and memo on the company here.) Kelonia came within a week of running out of cash three times. Now it’s being bought for $3.2 billion with potential milestone payments that could double that payout.Advertisement On this week’s edition of its biotech podcast, “The Readout Loud,” STAT spoke with Bryan Roberts, a partner at VC firm Venrock, which incubated the biotech, to discuss how this small company managed to land a big deal. STAT+ Exclusive Story Already have an account? Log in This article is exclusive to STAT+ subscribers Unlock this article — plus in-depth analysis, newsletters, premium events, and news alerts. Already have an account? Log in Monthly $39 Totals $468 per year $39/month Get Started Totals $468 per year Starter $30 for 3 months, then $399/year $30 for 3 months Get Started Then $399/year Annual $399 Save 15% $399/year Get Started Save 15% 11+ Users Custom Savings start at 25%! Request A Quote Request A Quote Savings start at 25%! 2-10 Users $300 Annually per user $300/year Get Started $300 Annually per user View All Plans To read the rest of this story subscribe to STAT+. Subscribe Log In biotech, Eli Lilly, Pharmaceuticals, STAT+, Venture capital Submit a correction requestReprints Allison DeAngelis Biotech Startups and Venture Capital Reporter Allison DeAngelis is the East Coast biotech and venture capital reporter at STAT, reporting where scientific ideas and money meet. She is also co-host of the weekly biotech podcast, The Readout Loud. You can reach Allison on Signal at AllisonDeAngelis.01. Adam Feuerstein Senior Writer, Biotech Adam Feuerstein is a senior writer and biotech columnist, reporting on the crossroads of drug development, business, Wall Street, and biotechnology. He is also a co-host of the weekly biotech podcast The Readout Loud and author of the newsletter Adam’s Biotech Scorecard. You can reach Adam on Signal at stataf.54. Elaine Chen National Biotech Reporter Elaine Chen covers biotech, co-writes The Readout newsletter, and co-hosts STAT’s weekly biotech podcast, The Readout Loud. You can reach Elaine on Signal at elaineywchen.70. STAT+ Newsletter Senior writer Adam Feuerstein's unfiltered, uncompromising analysis on the biotech world Recommended The Readout LOUD April 23, 2026 A CAR-T biotech’s dramatic turnaround, and drugmakers’ tactics to drive more scripts Biotech April 17, 2026 STAT Plus: A pancreatic cancer expert on why Revolution Medicines’ study could ‘open up a new era’ of treatment Advertisement The Readout LOUD April 16, 2026 A pancreatic cancer breakthrough, and new hope for an off-the-shelf CAR-T treatment The Readout LOUD April 9, 2026 A new trick for old science, and biotech VCs’ scrambled playbook The Readout LOUD April 2, 2026 Biotech investors’ plea to Trump, and a busy M&A week Subscriber Picks