Eli Lilly agreed to acquire Ajax Therapeutics for up to $2.3B in cash to gain access to next-generation JAK2 inhibitor assets in myeloproliferative neoplasms. Lilly will receive Ajax’s lead program AJ1-11095, a Type II JAK2 inhibitor in Phase 1 testing. Lilly positioned the transaction around addressing limitations of existing JAK inhibitors that often deliver symptomatic relief but fall short on long-term durability. Ajax’s approach targets a different JAK2 conformation, aiming for deeper and longer disease control while supporting longer treatment persistence. Lilly’s acquisition also reinforces a wider M&A cadence in 2026 aimed at filling hematology and oncology pipeline gaps ahead of registrational data.