Lilly to Acquire Kelonia for Up to $7B to Advance In Vivo CAR-T Therapy

Eli Lilly agreed to acquire Kelonia Therapeutics for up to $7 billion, with $3.25 billion upfront and the rest tied to milestones, in a deal expected to close in the second half of 2026. Kelonia’s in vivo CAR-T technology aims to reprogram patients’ T-cells inside the body to attack cancer, potentially offering a one-time IV therapy compared with traditional ex vivo CAR-T. Lilly plans to apply the tech beyond multiple myeloma to other blood cancers and possibly solid tumors, as part of a broader push to diversify beyond obesity and diabetes drugs amid ongoing biotech dealmaking and competition from J&J and Gilead-backed therapies.