Pharma BD Deal Intelligence

Eli Lilly and Company / Kelonia Therapeutics, Inc.

2026 · Acquisition/Merger · $7.0B · Pending

Outcome grade pending — assessed 5 years post-close.

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The coverage arc

Nov 01, 2024 NIH/NCI SEER Cancer Stat Facts: Myeloma Neutral

Myeloma represents 1.8% of all new cancer cases in the U.S. Estimated new cases in 2024: 35,780. Estimated deaths in 2024: 12,540. The 5-year relative survival…

Apr 20, 2026 Fierce Biotech Neutral

Lilly's second in vivo cell therapy bet of 2026 signals a clear thesis: if delivering CAR constructs inside the patient works, the economics of CAR-T collapse…

May 31, 2026 Kelonia Therapeutics Bullish

Updated Phase 1 inMMyCAR data for KLN-1010 at ASCO 2026: 18 patients dosed; MRD-negative responses in all evaluable patients; 4 sCR and 2 VGPR among 6 patients…

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Eli Lilly agreed to acquire Kelonia Therapeutics for up to $7B ($3.25B upfront + milestones). Gains in vivo CAR-T platform iGPS and lead candidate KLN-1010 (Phase 1 anti-BCMA for multiple myeloma). Second in vivo cell therapy bet in 2026 after the Orna deal. Expected close H2 2026. UPDATE (review 2026-06-07): Deal remains pending, expected to close H2 2026 (no closing 8-K yet). At ASCO 2026 (data released May 31, 2026) Kelonia reported updated Phase 1 inMMyCAR results for KLN-1010: 18 patients dosed, with MRD-negative responses in all evaluable patients (4 stringent complete responses and 2 VGPRs among 6 patients with >=4 months follow-up), the first patient in ongoing MRD-negative response beyond 10 months, and a manageable safety profile (all CRS Grade 1-2), materially de-risking the lead asset Lilly is acquiring.

Key facts

Related deals — scored

DealYearValueOutcome
Eli Lilly and Company / Kelonia Therapeutics, Inc. (this deal)2026$7.0B
Eli Lilly and Company / Boehringer Ingelheim GmbH2011$444M89
Eli Lilly and Company / Loxo Oncology, Inc.2019$8.0B88
Eli Lilly and Company / Applied Molecular Evolution Inc.2003$400M88
Eli Lilly and Company / ICOS Corporation2006$2.3B87
Eli Lilly and Company / Novartis Animal Health2014$5.4B70
Eli Lilly and Company / Incyte Corporation2009$755M69

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