Eli Lilly has announced an agreement to acquire Kelonia Therapeutics, a developer of in vivo CAR-T cell therapies, in a transaction valued at up to USD 7 billion. The deal comprises a USD 3.25 billion upfront payment and additional milestone payments. The acquisition focuses on Kelonia's core in vivo gene placement system (iGPS) and its lead asset, KLN-1010, an in vivo BCMA CAR-T therapy for multiple myeloma (MM) currently in Phase I trials. Early data from the first four patients showed a 100% minimal residual disease (MRD) negative response rate, robust CAR-T expansion without lymphodepletion, and a favourable safety profile.

The transaction, expected to close during H2 2026, follows Lilly's acquisition of Orna Therapeutics in February 2026, underscoring its strategic commitment to in vivo cell therapy platforms. The technology aims to generate CAR-T cells directly inside the patient's body, potentially overcoming the manufacturing complexity, high cost, and need for lymphodepletion associated with ex vivo CAR-T therapies. The deal is part of a broader trend of major pharmaceutical companies investing heavily in the in vivo CAR-T space.

According to PharmCube's NextBiopharm® database, this marks the largest in vivo CAR-T cell therapy M&A transaction so far, the upfront payment alone overshadowing the full valuations of other deals (including licensings) in the field. Click here to request a free trial for NextBiopharm®.