Eli Lilly agreed to acquire Orna Therapeutics for up to $2.4 billion to secure an in vivo CAR‑T platform and accelerate entry into genetic medicine. Orna’s circular RNA plus lipid nanoparticle approach — led by the clinical‑trial‑ready ORN‑252 targeting CD19 — promises to generate CAR‑T activity inside patients without ex vivo cell manufacturing. Lilly framed the deal as a platform acquisition to support long‑term innovation in autoimmune and other B cell–driven diseases. The transaction places Lilly alongside peers that have recently bought in‑body cell‑engineering capabilities, shifting competition toward integrated M&A plays and platform ownership.