Eli Lilly agreed to acquire Kelonia Therapeutics for up to $7 billion, adding an in vivo CAR-T platform aimed at generating anti-BCMA CAR T cells directly inside patients. The deal includes a $3.25 billion upfront payment, with additional milestone payments tied to clinical, regulatory and commercial progress. Lilly framed the strategy as a way to expand access versus ex vivo CAR-T manufacturing and preconditioning requirements. Kelonia’s lead program, KLN-1010, is a one-time intravenous lentiviral gene therapy in Phase I for relapsed/refractory multiple myeloma (NCT07075185). In earlier presentations, Kelonia reported MRD-negative responses in a small patient set, supporting proof-of-concept for its in-body approach. The acquisition is expected to close in the second half of 2026. Lilly said it plans to use the Kelonia technology across hematologic indications and potentially solid tumors, building on its recent in vivo cell therapy moves including Orna Therapeutics.