Lilly to acquire in vivo CAR-T company Kelonia for up to $7B
Illustration (decorative, not data).Summary
Kelonia's iGPS platform uses engineered lentivirus-like particles to enter T cells in vivo, so the patient's body generates its own CAR-T. Lead program KLN-1010 is a single-IV-infusion gene therapy that generates anti-BCMA CAR-T for relapsed/refractory multiple myeloma; early Phase 1 data were presented in the plenary session of the 2025 ASH Annual Meeting. Lilly plans to extend the platform to other hematologic cancers, solid tumors and other serious diseases. The $3.25 billion upfront is a record in in vivo CAR-T and exceeds the total price of AbbVie's acquisition of Capstan, showing the approach has moved from proof of concept to big pharma competing for assets.
Deal terms, as disclosed
$3.25B upfront + ~$3.75B in clinical, regulatory and commercial milestones; expected to close in H2 2026.
Summary of public disclosures, not investment advice. Amounts are as announced; milestone payments are contingent and may never be paid.
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