Eli Lilly and Company is reportedly close to acquiring Kelonia Therapeutics in a deal valued at more than $2 billion, according to a report that cites people familiar with the matter.
The agreement, which could be finalized as early as Monday, may also include additional payments if Kelonia meets certain development milestones.
While the report has not been independently confirmed, the potential acquisition signals a major move by Lilly to strengthen its position in the fast-growing cancer treatment market.
Kelonia, a clinical-stage biotechnology company based in Boston, focuses on developing advanced genetic medicines.
Its main work centers on CAR-T cell therapies, a type of treatment that changes a patient's immune cells so they can find and attack cancer, Reuters reported. These therapies are already seen as a powerful tool in fighting blood cancers.
What makes Kelonia's approach stand out is its effort to simplify the process. Traditional CAR-T treatments often require chemotherapy and complex lab work to modify cells.
Kelonia is working on a method that could avoid some of those steps, potentially making treatment easier for patients.
Eli Lilly is in advanced talks to acquire Kelonia Therapeutics for more than $2 billion, the Wall Street Journal reported on Sunday. https://t.co/4STyWdCYmC
— Reuters Legal (@ReutersLegal) April 19, 2026
Eli Lilly Eyes Cancer Expansion With Kelonia
Kelonia's lead program targets multiple myeloma, a type of blood cancer. The treatment is still in early stages, with initial safety testing approved for a small group of volunteers.
Despite being early in development, the technology has drawn strong interest for its potential to change how cancer care is delivered.
If the deal goes through, it would help Lilly expand its growing cancer portfolio.
The company already markets treatments such as Jaypirca and Verzenio, and continues to invest heavily in new therapies. Cancer drugs are a key part of its business, generating billions in annual revenue.
The move also shows how Lilly is using its strong financial position to grow beyond its well-known weight-loss and diabetes products.
In recent months, the company has made several large deals to build its pipeline in areas like gene therapy, neuroscience, and immune diseases.
According to WSJ, earlier this year, Lilly agreed to acquire Orna Therapeutics for up to $2.4 billion.
It has also pursued other acquisitions to strengthen its research and development efforts across multiple fields.
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