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Biotech Acquisition · CAR-T Therapy · Eli Lilly · Oncology
Eli Lilly is in advanced talks to acquire privately held Kelonia Therapeutics for more than $2 billion, as reported by the Wall Street Journal, a move that significantly expands Lilly's oncology pipeline and strengthens its position in the rapidly growing blood cancer segment.
The Wall Street Journal reported the deal is expected to be announced as early as Monday, provided negotiations finalize, and may include additional milestone-based payments. Kelonia specializes in developing a novel CAR-T therapy for multiple myeloma, a form of blood cancer, focusing on a simplified treatment approach designed to bypass chemotherapy and complex cell-manufacturing processes.
This acquisition aligns with Eli Lilly's aggressive dealmaking strategy, which is fueled by robust cash flows generated from its blockbuster weight-loss and diabetes medications. Kelonia had previously raised just under $60 million and was last valued at slightly above $100 million in 2022, underscoring the substantial premium Eli Lilly is prepared to pay for its innovative technology and pipeline.
