Eli Lilly agreed to buy Kelonia Therapeutics in a deal worth up to $7 billion, adding an in vivo CAR T platform aimed at generating anti-BCMA T cells directly inside patients. Lilly will pay $3.25 billion upfront, with additional milestone payments tied to clinical, regulatory, and commercial outcomes. Kelonia’s lead asset, KLN-1010, is designed as a one-time intravenous therapy using Kelonia’s in vivo gene placement system to transform patients’ T cells into cancer-killing cells without ex vivo manufacturing. The company previously reported early clinical data in multiple myeloma, including MRD-negative responses in a small Phase I cohort. Lilly positioned the acquisition as a way to expand hematology reach beyond highly specialized ex vivo CAR T programs. The transaction is expected to close in the second half of 2026, subject to customary approvals and conditions.