Eli Lilly Buys Kelonia Therapeutics for $7 Billion to Boost Cancer Treatment Pipeline

It’s the second major acquisition in less than a month for Eli Lilly.

The headquarters of Eli Lilly in Indianapolis, Ind., on March 17, 2024. Scott Olson/Getty Images

Eli Lilly and Company announced on April 20 that it will acquire clinical-stage cancer biotechnology company Kelonia Therapeutics for $7 billion.

The acquisition expands Eli Lilly’s pipeline into experimental cancer treatments, specifically in vivo genetic therapy. Kelonia Therapeutics is advancing CAR-T genetic medicines that reprogram a cancer patient’s T-cells to fight cancer and underlying diseases. Its lead program, KLN-1010, targets cancerous myeloma plasma cells that affect bone marrow.