Eli Lilly agreed to buy Kelonia Therapeutics for $3.25 billion upfront, underscoring its push into in vivo CAR-T. Kelonia’s lead program is in a Phase 1 study for multiple myeloma, with an approach designed to engineer cancer-killing cells inside the body rather than extracting and re-infusing engineered T cells. The deal structure highlights the scale of Lilly’s commitment, including up to $3.25 billion upfront and additional milestone potential reported in the coverage. For Lilly, the acquisition adds clinical-stage exposure to a therapeutic modality that aims to deliver targeted efficacy with potentially simplified manufacturing. The combination of Kelonia’s early clinical work and Lilly’s broader cell therapy strategy sets up a near-term watchlist for safety signals and early activity as the programs advance.