Eight years af­ter Eli Lil­ly dumped it, an up­start biotech has nabbed teplizum­ab and filed a $56M IPO to back a PhI­II come­back

Eight years ago, a drug called teplizum­ab went down in flames af­ter it failed in a piv­otal di­a­betes study un­der­tak­en by Eli Lil­ly. But yes­ter­day a lit­tle start­up called Proven­tion Bio in-li­censed it from Macro­Gen­ics, the orig­i­nal de­vel­op­er, whipped around and to­day used it as their lead drug for a $56 mil­lion IPO fil­ing.

Teplizum­ab wasn’t com­plete­ly dead back in 2010 when Lil­ly dumped the whole thing. But it came aw­ful­ly close to that.

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