When Celsius Therapeutics launched in 2018, its founders were chasing a bold idea: to bring the same precision that revolutionized oncology to the realm of immunology. Inspired by the success of companies like Blueprint Medicines in genetically guided cancer care, Celsius set out to do for inflammatory and immune-mediated diseases what precision medicine had already done for tumors — identify patient subpopulations, tailor therapies, and change outcomes.
At the heart of that ambition was a breakthrough approach: single-cell RNA sequencing. Using this tool, researchers were able to dissect immune responses with unprecedented granularity, potentially uncovering biomarkers and pathways hidden in bulk tissue data. Tariq Kassum, who would eventually become the company’s CEO, described the work as “the first tool that could really allow us to understand immunologic disease at a level where we could start identifying patient subsets to target with specific therapies.”
An aligned investor in a pivotal chapter
Celsius had already begun making strides when Amplitude Ventures, an investor focused on investing in precision medicine at the intersection of biology and AI, was connected to Tariq. Introduced through former Celsius CSO Jeanne Magram — herself deeply embedded in the Canadian biotech ecosystem — Amplitude came onboard in the company’s Series B round, drawn by a shared vision and approach.
“Celsius aligned perfectly with our vision of building world-class precision medicine companies,” said Amplitude Co-founder and Principal, Bharat Srinivasa. “With an experienced team, and one of the largest single-cell datasets globally, Celsius was uniquely positioned to develop breakthrough therapies for patients.”
Kassum agreed. “Amplitude came in with a pre-existing strategic hypothesis that matched ours exactly. They understood the importance of new technologies in identifying patient subsets and were philosophically aligned with everything we were trying to do.”
Beyond shared values, Amplitude brought operational savvy and a fresh network to the table. As the company matured, its leadership leaned on Amplitude for fundraising connections, business development advice, and strategic counsel — especially as the biotech environment became more volatile.
From growth to recalibration
At its peak, Celsius grew to roughly 60 employees, advancing three promising programs from early-stage concepts to near-development-ready candidates. But by mid-2023, the capital markets had cooled. Facing headwinds and an evolving external appetite for certain therapeutic areas, the company made the difficult decision to streamline its pipeline and focus on driving its lead program to early proof of concept.
Amplitude played a key role as the company focused its operations. Kassum recalls that Srinivasa was supportive, but also challenged ideas, asking early and often whether the company was being radical enough in its strategic pivot. “He was right,” says Kassum. “We had to pursue a far more radical plan than we initially envisioned. And thanks to that, we got our lead program to phase one on limited capital.”
Amplitude didn’t just offer feedback — it was an engaged participant. When the board formed a transaction subcommittee to explore strategic options, Amplitude was an important voice, helping the company evaluate inbound interest and navigate its next steps.
The road to exit leads to a standout acquirer
As 2023 closed, Celsius began quietly testing the waters with pharma partners — re-engaging longstanding contacts and exploring interest in licensing or acquisition. That groundwork paid off. Multiple players expressed interest, with AbbVie emerging as the standout. They had tracked Celsius for years, appreciated its disciplined progress, and moved quickly and decisively.
“AbbVie rolled out the red carpet,” says Kassum. “They were clear, timely, and transparent — everything you’d want in a partner.” In June 2024, AbbVie acquired Celsius Therapeutics for $250 million, securing full rights to the company’s lead program, which is advancing into phase 2 proof-of-concept trials.
In the end, Celsius’s acquisition wasn’t just the result of great science — it was the product of disciplined strategy, hard pivots, and smart partnering. Amplitude played a crucial role in all three. From urging the company to take a more aggressive path during its restructuring, to encouraging early and proactive business development discussions with pharma, Amplitude’s involvement helped position Celsius for a successful outcome. “Amplitude was always there to remind us of the big important things,” says Kassum. “They didn’t just invest — they pushed us to make the tough calls, stay focused, and keep executing, and that made all the difference.”
