Eli Lilly agreed to acquire Orna Therapeutics in a deal valued at up to $2.4 billion, moving the pharma into in‑vivo CAR‑T and circular RNA delivery. The transaction gives Lilly immediate access to ORN‑252, a clinical‑trial–ready CD19‑targeting in‑vivo CAR‑T candidate, and Orna’s circular RNA and LNP platform. Lilly framed the acquisition as a strategic extension of its genetic‑medicine and cell‑therapy ambitions. Orna’s technology aims to generate CAR‑T activity inside patients using engineered circular RNA and lipid nanoparticles, avoiding ex vivo manufacturing. The deal joins a wave of recent strategic buys by big pharmas to secure next‑generation in‑vivo cell engineering capabilities and accelerates Lilly’s entry into autoimmune and genetic‑medicine indications. Integration timelines, accounting treatment, and milestone structure will determine near‑term pipeline impact.