Eli Lilly is set to acquire Kelonia Therapeutics, a developer of gene therapies with a focus on cancer treatment, in a deal valued at up to $7 billion in cash. This is the largest-funded acquisition of a venture-backed biotech company in years. Kelonia's pipeline includes a treatment targeting multiple myeloma that has shown promising clinical trial results. The company launched from stealth mode four years ago with $50 million in Series A funding and entered a partnership with Xyphos Biosciences, a subsidiary of Japan’s Astellas Pharma, two years later. Under the terms of the agreement, Kelonia will be acquired for $3.25 billion up front, plus up to €3.75 billion in subsequent payments tied to meeting clinical, regulatory and commercial milestones.