Eli Lilly Holds Discussions to Buy Kelonia Therapeutics for over a $2 Bn Deal

A potential deal could add to Lilly’s cancer portfolio, which includes therapies such as Jaypirca and Verzenio, along with other pipeline candidates, as it looks to expand its position in the cancer treatment market.

U.S. drugmaker Eli Lilly has been in advanced talks to acquire biotech firm Kelonia Therapeutics for more than $2 billion.

As per reports, the deal could be reached as soon as next week and could include additional payments tied to Kelonia meeting certain milestones.

Boston-based Kelonia Therapeutics is a clinical-stage biotechnology company developing genetic medicines across multiple diseases, with a focus on CAR-T cell therapies. CAR-T therapies have modified a patient’s immune cells so they can recognize a specific target and destroy cancer cells.

A potential deal would strengthen Lilly’s cancer portfolio, which includes therapies such as Jaypirca and the breast cancer drug Verzenio, as well as other promising candidates, to bolster its presence in the fast-growing but competitive cancer treatment market.

Lilly, which is dominating the obesity market, has diversified beyond its blockbuster weight-loss drugs into other therapeutic areas such as inflammatory bowel disease, cancer, eye disorders, and gene-editing technologies through acquisitions and partnerships.

In February, the company acquired Orna Therapeutics for up to $2.4 billion.

Recently, Eli Lilly has also expanded its focus on AI-led drug discovery through a separate deal with Insilico Medicine worth up to $2.75 billion. The collaboration has given Lilly access to Insilico’s AI platform to develop and commercialize preclinical drug candidates across multiple therapeutic areas.

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