Eli Lilly agreed to acquire Kelonia Therapeutics in a deal valued at up to $7 billion, highlighted by a $3.25 billion upfront payment. Kelonia is developing in vivo CAR-T technology designed to generate engineered T cells inside the patient using a lentiviral in vivo gene placement approach, aiming to reduce the manufacturing and access barriers that limit ex vivo CAR-T. Kelonia’s lead program, KLN-1010, is in Phase I development for relapsed/refractory multiple myeloma. Lilly framed the purchase as a way to expand its in vivo genetic medicines capabilities alongside prior in vivo acquisitions. For the sector, the transaction signals accelerating capital flows into in vivo cell therapy platforms that target scalable delivery and broader clinical access beyond specialized centers.