Eli Lilly agreed to buy Ajax Therapeutics in a deal valued at up to $2.3 billion, seeking breakthroughs in myelofibrosis and other myeloproliferative neoplasms. Ajax’s lead program, AJ1-11095, is a Type II JAK2 inhibitor in Phase 1 testing (NCT06343805), designed to deliver deeper and more durable disease control than existing Type I JAK2 therapies. Lilly is betting on a mechanism intended to overcome resistance seen with current regimens. The company said AJ1-11095 is positioned for use across first- and second-line settings, and expects to share clinical proof-of-concept data later in 2026 as the program advances. The acquisition extends Lilly’s recent M&A pace and reinforces the strategy of layering late-stage investment behind early clinical differentiation in hematology.