Pharma BD Deal Intelligence
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →Lilly bets on circular RNA for next-generation in vivo cell therapy. The Orna deal, paired weeks later with the up-to-$7B Kelonia acquisition, signals Lilly is…
Eli Lilly to buy Watertown biotech Orna Therapeutics, maker of in vivo CAR-T. The $2.4B deal with milestones marks Lilly's formal entry into the in vivo cell…
After Lilly's $7B Kelonia deal, are there any in vivo CAR-T biotechs left to buy? Lilly has now stitched together Orna's circular RNA payload with Kelonia's…
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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.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Eli Lilly and Company / Orna Therapeutics, Inc. (this deal) | 2026 | $2.4B | — |
| Eli Lilly and Company / Boehringer Ingelheim GmbH | 2011 | $444M | 89 |
| Eli Lilly and Company / Loxo Oncology, Inc. | 2019 | $8.0B | 88 |
| Eli Lilly and Company / Applied Molecular Evolution Inc. | 2003 | $400M | 88 |
| Eli Lilly and Company / ICOS Corporation | 2006 | $2.3B | 87 |
| Eli Lilly and Company / Novartis Animal Health | 2014 | $5.4B | 70 |
| Eli Lilly and Company / Incyte Corporation | 2009 | $755M | 69 |
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More: 2026 deals · Eli Lilly and Company deals · Immunology deals