Lilly to acquire Kelonia Therapeutics for up to $7 billion

Lilly agreed to acquire Kelonia Therapeutics for up to $7 billion, including a $3.25 billion upfront payment, with the rest tied to clinical, regulatory and commercial milestones. Kelonia develops in vivo CAR-T therapies that make the patient's own cells produce the CAR-T payload. The deal is Lilly's second in vivo cell therapy acquisition of 2026, after Orna.

• Up to $7B total; $3.25B upfront
• Remaining payments tied to clinical, regulatory and commercial milestones
• Expected to close in the second half of 2026, subject to approvals