Celtic rolls its own

Celtic Pharmaceutical Holdings has rolled up all the investments and cash from its funds - about $700 million in all - into a single company. The newco, Pro Bono Bio, launched its first product this month and has two more expected to launch in the next few months.

When Celtic got its start in 2004, the plan was to acquire and develop products and technologies to sell to pharmaceutical companies. A few years ago, the firm started considering combining all the assets to create a single company. Pro Bono is the result...