Lilly Agrees to Acquire Kelonia for Up to $7 Billion

Eli Lilly is set to acquire Kelonia Therapeutics for up to $7 billion, including an initial $3.25 billion cash payment and additional milestone-based payments; Kelonia's in vivo CAR-T therapy for multiple myeloma is in early-stage clinical trials with patient enrollment underway.

Eli Lilly has agreed to acquire Kelonia Therapeutics for as much as $7 billion. The company said the transaction includes an initial $3.25 billion cash payment and further payments tied to clinical, regulatory and commercial milestones. Kelonia is developing an in vivo form of CAR‑T therapy aimed at certain patients with multiple myeloma who are not responding to treatment. The privately held company is enrolling patients in an early-stage clinical trial. Lilly has previously expanded its cancer portfolio, including a 2019 acquisition of Loxo Oncology. Key details: - The total consideration is described as up to $7 billion, according to Lilly's statement. - Kelonia shareholders will receive $3.25 billion upfront, with additional milestone payments dependent on clinical, regulatory and commercial outcomes. - Kelonia's approach is an in vivo CAR‑T therapy administered directly within patients after a single infusion, rather than removing and modifying cells outside the body. - The lead program targets multiple myeloma patients who are not responding to current treatments and is in early-stage clinical testing with patient enrollment underway. - The Wall Street Journal first reported that Lilly was nearing a deal; Lilly announced the terms in a statement to Bloomberg Terminal. Summary: The deal would bring Kelonia's in vivo CAR‑T program into Lilly's oncology portfolio and broaden its clinical pipeline while Kelonia's early-stage trials continue. Financial terms include an upfront cash payment and contingent milestone payments. Clinical development is ongoing with enrollment underway. Undetermined at this time.