Eli Lilly agreed to acquire Kelonia Therapeutics for up to $7 billion, adding an early in vivo CAR-T program for multiple myeloma to its genetic medicine pipeline. The deal structure includes a $3.25 billion upfront payment, with additional milestone payments tied to clinical, regulatory, and commercial progress. Kelonia’s lead candidate, KLN-1010, is an intravenously delivered, one-time approach designed to generate anti-BCMA CAR T cells inside patients using its in vivo gene placement system. The company previously reported early Phase I data including MRD-negative responses in a small cohort. The acquisition underscores Lilly’s broader strategy to build beyond its current strengths in oncology by scaling cell therapy modalities that aim to avoid ex vivo manufacturing constraints. Lilly’s entry is also positioned after the company’s prior in vivo CAR-T deal with Orna Therapeutics earlier this year.