Eli Lilly agreed to acquire Kelonia Therapeutics for up to $7 billion, strengthening the company’s in vivo cell-therapy push in multiple myeloma. Kelonia’s lead program, KLN-1010, is a one-time intravenous lentiviral gene therapy designed to generate anti-BCMA CAR T cells inside the body. Regulators already cleared the program to expand in the U.S. after Kelonia received IND clearance earlier this year. The company previously reported early Phase I inMMyCAR results at ASH 2025, including MRD-negative responses in a small initial cohort, with patients remaining in response during follow-up. The acquisition is positioned as a potential alternative to ex vivo CAR T manufacturing, aiming to reduce manufacturing and access barriers that limit eligible patients. For Lilly, the Kelonia bet follows its recent in vivo CAR T moves, including acquisitions of Verve and Orna. Investors will now focus on whether KLN-1010 can translate early MRD data into durable clinical outcomes as it scales to larger studies across multiple clinical sites.