Eli Lilly agreed to acquire Watertown, MA-based Orna Therapeutics for up to $2.4 billion in cash, comprising an upfront payment plus contingent clinical development milestone payments. The deal adds Orna's engineered circular RNA (oRNA) platform and lead asset ORN-252, a clinical-trial-ready in vivo CD19 CAR-T for B cell-driven autoimmune diseases. The transaction positions Lilly in the emerging in vivo CAR-T arena as an off-the-shelf alternative to ex vivo cell therapy manufacturing.
Key facts
AnnouncedFeb 09, 2026
Deal value$2.4B
Deal typeAcquisition/Merger
Therapeutic areaB cell-driven autoimmune diseases
IndicationsB cell-driven autoimmune diseases
Key assetsORN-252 (in vivo CD19-targeting CAR-T)
MechanismEngineered circular RNA (oRNA) paired with proprietary lipid nanoparticles that direct a patient's own cells to generate CD19-targeting CAR-T in vivo, eliminating ex vivo manufacturing