Pharma BD Deal Intelligence
Merck and Orna Therapeutics announced a collaboration to discover, develop and commercialize multiple programs (vaccines and therapeutics) in infectious disease and oncology using Orna's circular RNA (oRNA) technology. Orna received $150M upfront, with up to $3.5B in development/regulatory/sales milestones plus royalties; Merck also invested $100M in Orna's $221M Series B. Since signing, Orna restructured significantly: it acquired ReNAgade Therapeutics (May 2024) for its LNP RNA-delivery platform, installed Amit Munshi as CEO, ran multiple layoff rounds (Dec 2023, Nov 2024), and refocused on in vivo CAR (panCAR) programs led by ORN-252, a CD19 in vivo CAR-T for B-cell autoimmune disease (CTA targeted end-2025, first-in-human early-2026); as of Nov 2024 Orna affirmed it would continue the Merck vaccine collaboration. On Feb 9, 2026, Eli Lilly agreed to acquire Orna for up to $2.4B in cash (upfront plus clinical-development milestones), subject to HSR clearance and customary conditions; Lilly is expected to honor Orna's pre-existing Merck and Vertex collaborations, leaving the 2022 Merck oRNA pact in effect under new ownership. No products from the Merck collaboration have been approved; the deal remains in development.