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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.

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