No Elona deal yet but investors pledge $50 million
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An investor group plans to put $50 million into a Greenwood pharmaceutical company, but a deal has not been finalized.
The group plans to buy a controlling interest in Elona Biotechnologies, a firm that aims to sell a generic form on insulin worldwide but that has recently faced such financial hardship that it’s been unable to make payroll, Greenwood city attorney Krista Taggart said.
Investors have lined up the $50 million necessary for the purchase, Taggart said. They’ve also completed an independent review of the Greenwood-based company and decided to try to make a deal, she said.
See Thursday's Daily Journal for more information.
