Eli Lilly announced it will acquire Kelonia Therapeutics for up to $7 billion, paying $3.25 billion upfront with additional milestone payments tied to clinical, regulatory and commercial outcomes. The deal is expected to close in the second half of 2026. Kelonia is developing KLN-1010, an intravenously delivered, lentiviral in vivo CAR-T approach aimed at generating BCMA-targeting T cells inside the patient for multiple myeloma. Lilly positioned the program as a way to reduce the manufacturing complexity and patient-access barriers associated with ex vivo CAR-T. Lilly’s acquisition follows earlier in vivo CAR-T moves, and the company said it plans to expand beyond multiple myeloma to additional hematologic cancers and potentially solid tumors. The transaction underscores how major pharma is doubling down on in-body genetic medicine platforms as next-generation cell therapy engines. —