Eli Lilly & Company and Kelonia Therapeutics, a clinical-stage biotechnology company developing methods for in vivo gene delivery, announced a definitive acquisition agreement on April 20th, 2026. Eli Lilly will pay up to $7 billion, including an upfront payment of $3.25 billion, to acquire Kelonia Therapeutics. Kelonia’s assets include lead program KLN-1010, an investigational gene therapy currently being evaluated as a treatment for multiple myeloma, and the in vivo gene placement system (iGPS), a lentiviral-based particle delivery system designed to selectively deliver T-cells inside the patient’s body.
KLN-1010 is a one-time intravenous gene therapy candidate designed to generate anti-B-cell maturation antigen CAR-T cells that target the BCMA protein expressed on the surface of multiple myeloma cells. According to the release, the candidate could provide a multiple myeloma treatment that eliminates the complexities of ex vivo, patient-specific cell therapy manufacturing, as well as pre-administration chemotherapy. Kelonia presented early clinical results at the 2025 American Society of Hematology Annual meeting, and a Phase I clinical trial evaluating the candidate is ongoing.
“Autologous CAR-T therapies have meaningfully improved outcomes for patients with various cancers, but significant manufacturing, safety, and access barriers mean that only a fraction of eligible patients actually receive them. Kelonia’s in vivo platform has the potential to change that by delivering rapid, durable responses in a far simpler, off-the-shelf format,” said Jacob Van Naarden, Executive Vice President, President, Lilly Oncology, and Head of Corporate Business Development, Eli Lilly & Company. “The early clinical data for KLN-1010 are highly encouraging, both as a potential step forward for patients with multiple myeloma and as proof of concept for Kelonia’s platform. We look forward to working together with the Kelonia team to rapidly advance KLN-1010 to address patient need and recognize the full potential of their platform in other conditions where patients may benefit.”
“Kelonia’s leadership in advancing the immense promise of in vivo cell therapy is unmatched, extending its reach and impact beyond the traditional boundaries of personalized medicine,” said Kevin Friedman, Ph.D., CEO, Kelonia Therapeutics, in the release. “We have demonstrated the ability to achieve deep multiple myeloma remissions with significantly reduced complexity and cost relative to ex vivo CAR T-cell approaches. In combination with Lilly’s strengths, our in vivo iGPS platform is positioned to broaden the reach of cell therapy beyond the current CAR-T landscape in hematologic malignancies and to transform treatment across a far wider range of cancers and other serious diseases. It’s been a privilege continuing the journey started by Michael Birnbaum and the Venrock team. I am deeply grateful to our employees, partners, and investigators, and most importantly, the patients who make this progress possible.”
According to the release, $3.75 billion of Lilly’s acquisition payment is contingent upon achievement of certain clinical, regulatory, and commercial milestones. The deal is expected to close in the second half of 2026.
