Big Peninsula biotech buyout means happy returns for Kleiner Perkins, other VCs

A small Peninsula biotech's $1.6 billion buyout by Eli Lilly and Co. would create big Bay Area venture capital winners — including a 50x return for Kleiner Perkins Caufield& Byers — and could turn the cancer immunotherapy investing space white hot. Lilly (NYSE: LLY) will buy ARMO BioSciences Inc. (NASDAQ: ARMO) for $50 a share in an all-cash deal that is nearly triple the price of the Redwood City company's shares when it went public in January. That means big winners amo ng early investors…
Source: bizjournals.com Health Care News Headlines - Category: Health Management Authors: Source Type: news