Eli Lilly has entered into an agreement to acquire Kelonia Therapeutics in a transaction valued at up to $7 billion, which includes an upfront cash payment of $3.25 billion. Through this deal, the company will gain access to a phase 1-stage in vivo CAR-T therapy as well as a gene delivery platform. The acquisition represents Lilly’s second move into the in vivo CAR-T space this year and, according to the announcement, is anticipated to close during the second half of 2026.
Kelonia, a biotechnology company based in Boston, focuses on lentiviral vector delivery technologies. Its lead asset, KLN-1010, is an in vivo CAR-T therapy targeting BCMA and is currently being studied for the treatment of relapsed or refractory multiple myeloma. Data released from an early-stage clinical trial indicated that, among the first four patients evaluated, all achieved a 100% minimal residual disease-negative response rate.
Alongside KLN-1010, Lilly will also obtain Kelonia’s in vivo gene placement system, referred to as iGPS. This platform relies on specially engineered lentiviral particles that are designed to selectively enter T-cells within the body, enabling the production of CAR-T therapies directly in patients. The approach is intended to eliminate the need for complex manufacturing processes and pre-treatment chemotherapy.
Jacob Van Naarden, president of Lilly Oncology and head of corporate business development, pointed to the importance of both the early clinical results and the broader implications of the platform. He characterized the initial findings for KLN-1010 as highly encouraging and indicated that they may serve as both a potential advancement for patients with multiple myeloma and as validation of Kelonia’s underlying technology. He also stated, “Autologous CAR-T therapies have meaningfully improved outcomes for patients with various cancers, but significant manufacturing, safety and access barriers mean that only a fraction of eligible patients actually receive them.”
Van Naarden added that Lilly plans to collaborate closely with the Kelonia team in order to advance KLN-1010 more rapidly, while also exploring how the platform could be applied to other conditions in which patients may benefit from similar approaches.
The scientific foundation of Kelonia’s technology stems from research conducted in the laboratory of Michael Birnbaum, Ph.D., at the Massachusetts Institute of Technology, as well as work carried out at the French National Centre for Scientific Research. The company itself was incubated and received seed funding from the venture firm Venrock, and it formally launched in 2022 with a $50 million series A financing round.
Before this acquisition agreement, Kelonia had already established connections with other pharmaceutical companies. Johnson & Johnson formed a partnership with the biotech in November, and Astellas’ Xyphos unit entered into a collaboration in 2024. This transaction expands Lilly’s presence in the field of genetic medicines and builds on its earlier acquisition of Orna Therapeutics, which was valued at up to $2.4 billion and provided an in vivo CD19 CAR-T program.
Other pharmaceutical companies have also been active in pursuing in vivo CAR-T approaches through a combination of acquisitions and partnerships. Gilead Sciences has acquired Interius BioTherapeutics and entered into a separate agreement with Pregene, while AbbVie, Bristol Myers Squibb, and AstraZeneca have each completed transactions involving companies developing related technologies.
What Kelonia Brings to Lilly
At the heart of the deal is Kelonia’s proprietary in vivo gene delivery platform, designed to generate CAR-T cells directly the patient’s body. Unlike traditional methods that require extracting and modifying cells the body, Kelonia aims to simplify and scale treatment.
This innovative approach could significantly reduce manufacturing complexity and improve patient access, making Kelonia’s technology highly attractive.
Details of the $7 Billion Deal
The agreement values Kelonia at up to $7 billion, including an upfront payment of approximately $3.25 billion and additional milestone-based payments tied to clinical and commercial success.
The transaction is expected to close in the second half of 2026, pending regulatory approvals.
Focus on Kelonia’s Phase 1 CAR-T Therapy
A major driver of the acquisition is Kelonia’s lead candidate, KLN-1010, a Phase 1 in vivo CAR-T therapy targeting multiple myeloma. Early data suggests promising safety and initial efficacy signals, boosting confidence in Kelonia’s pipeline.
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