Eli Lilly agreed to acquire Kelonia Therapeutics in a deal worth up to $7 billion, including a $3.25 billion upfront payment, to expand its “in vivo” CAR-T capabilities. Kelonia’s lead candidate, KLN-1010, is a one-time intravenous lentiviral-based program designed to generate anti-BCMA CAR T cells inside a patient’s body. The acquisition reinforces Lilly’s broader push beyond ex vivo CAR-T manufacturing by aiming to reduce logistics, costs, and access barriers. Kelonia’s therapy is in Phase I testing for relapsed/refractory multiple myeloma, with early clinical data reported as MRD-negative responses in a small patient set. Lilly’s timeline targets a close in the second half of 2026, with additional milestone payments tied to clinical, regulatory, and commercial progress. The transaction is expected to complement recent Lilly in vivo cell therapy moves, including other acquisitions that broaden the platform’s target and disease reach.