Good Therapeutics, a private company that raised just $30 million in venture financing since its 2016 foundation, said Wednesday it had signed a deal to sell itself to Roche for $250 million without ever running a clinical trial.
The deal provides a roughly eight-fold return for Good’s investors, which included Codon Capital and RiverVest Venture Partners. And it marks an encouraging datapoint in what remains a difficult market for biotech startups, which have struggled to maintain their valuations in the face of sharp decline in initial public offerings.
The transaction is focused on Good’s most advanced project, a preclinical cancer therapy designed to make blockbuster treatments like Keytruda benefit more patients.
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