Colossal Biosciences Acquires Viagen: What's the Endgame?

Generated Title: Colossal's Acquisition of Viagen: A $10 Billion Gamble on Hope?

Colossal Biosciences, the poster child for de-extinction, just bought Viagen Pets and Equine (the company that clones dogs for celebrities). Headlines are screaming about woolly mammoths and saving endangered species. But let's be real: this looks more like a calculated bet on future gene tech – a high-stakes roll of the dice.

The Cloning Hype vs. the Conservation Reality

Colossal’s CEO, Ben Lamm, claims the acquisition isn’t about cloning Fido for grieving billionaires. He's selling it as a move to bolster their endangered species program. Viagen does have expertise in cryopreservation and cloning endangered species – the black-footed ferret, for example. But let's examine the actual numbers. Viagen has cloned 15 species since 2002. How many of those are endangered? The press release mentions a few, but the bulk of their revenue comes from cloning pets (dogs at $50,000 a pop, horses at $85,000).

The math doesn't quite add up. Colossal is valued at over $10 billion after a recent funding round. Can Viagen’s endangered species cloning efforts justify that valuation? Or is this acquisition more about accessing Viagen's cloning tech stack – including exclusive rights to the Dolly the sheep tech – for Colossal's own de-extinction projects? (Which, by the way, are still largely theoretical.)

Here's where it gets interesting. Colossal is essentially betting that the technology they're developing to resurrect mammoths and dodos will eventually have broader applications – in conservation, yes, but also potentially in human health and agriculture. Viagen gives them a platform to refine those technologies now, while the mammoth project is still in the R&D phase. It's a way to generate revenue and build expertise while pursuing the long-term, moonshot goals.

The "Hope" Trade

Lamm described both pet cloning and de-extinction as efforts to spread "hope" and spark public excitement about science. That's a powerful narrative, and one that clearly resonates with investors like Paris Hilton and Peter Jackson. But "hope" doesn't show up on a balance sheet.

And this is the part of the report that I find genuinely puzzling. Colossal’s commercial efforts have so far centered on spinning off companies such as Form Bio, which focuses on computational biology, and Breaking, which develops plastic degradation technologies. Why not focus on those?

Here's my theory: the "hope" narrative is crucial for attracting funding. De-extinction is inherently speculative. It requires massive investment with no guarantee of a return. By framing it as a mission to save the planet and bring back beloved pets, Colossal taps into a deep well of emotional and financial support. Colossal Biosciences Acquires Pet Cloning Company to Advance De-Extinction Efforts

The risk, of course, is that the science doesn't pan out. What happens if the mammoth project fails? Will investors still be willing to fund a company that's primarily cloning pets? Or will the "hope" bubble burst, leaving Colossal stranded with a hefty price tag (the acquisition cost, undisclosed but described as a "decently large transaction") and a tarnished reputation?

So, What's the Real Story?

Colossal's acquisition of Viagen isn't about saving endangered species—not primarily. It's about acquiring the tools and talent to build a broader gene-tech platform, fueled by a carefully crafted narrative of hope and extinction reversal. The $10 billion question is whether that narrative can sustain them until the science catches up.