Lilly to Buy Kelonia for up to $7B in In Vivo Cell Therapy

Eli Lilly has agreed to acquire privately held Kelonia Therapeutics in a deal worth up to $7 billion. Lilly will pay $3.25 billion upfront and could provide an additional $3.75 billion if certain clinical, regulatory, and sales milestones are met.

The acquisition is designed to expand Lilly’s “in vivo” cell therapy capabilities. Kelonia’s lead program, KLN-1010, is in early-stage testing for multiple myeloma and aims to help the body generate immune cells targeting BCMA, a protein found on multiple myeloma cells. Lilly expects the transaction to close in the second half of 2026.