Deal adds in-body cell engineering platform
Eli Lilly announced an agreement to acquire Orna Therapeutics for up to $2.4 billion in cash, advancing its push into next-generation cancer and immunology treatments. The transaction gives the U.S. drugmaker access to a technology designed to enable patients’ own cells to generate therapies directly inside the body, avoiding the need for cell extraction and reinfusion.
Lilly shares rose more than 3% in early trading following the announcement, reflecting investor optimism around the company’s continued diversification strategy.
In vivo approach to CAR-T therapy
Orna is developing treatments based on circular RNA combined with proprietary lipid nanoparticles. Its lead program, ORN-252, is an early-stage chimeric antigen receptor T-cell therapy that targets CD19, a receptor commonly associated with certain blood cancers.
Unlike conventional CAR-T approaches, which require immune cells to be removed from patients and modified in specialized laboratories, Orna’s platform aims to engineer those cells directly within the patient’s body. This in vivo method could simplify treatment delivery and potentially lower costs and complexity.
Strategic fit with Lilly’s oncology ambitions
Analysts see the acquisition as a way for Lilly to broaden its technical capabilities in oncology and immunology. The company has been actively expanding beyond its market-leading obesity drugs, building a portfolio that spans cancer, inflammatory diseases, eye disorders, and genetic medicine.
The deal adds to a series of transactions completed in recent months as Lilly seeks to reduce reliance on a single therapeutic category and establish a longer runway for growth.
High potential balanced by development risk
While the technology offers significant promise, analysts cautioned that it remains unproven at scale. Orna’s programs are still in early development, and large clinical trials will be needed to validate safety and efficacy.
The competitive landscape is also crowded. Several pharmaceutical companies already market CAR-T therapies and have invested heavily in next-generation platforms, raising the bar for differentiation and clinical success.
Part of a broader deal-making push
The Orna acquisition follows a recent agreement with a Chinese biotechnology partner to jointly develop oncology and immunology treatments, a deal that includes an upfront payment and significant milestone-based compensation.
Together, these moves underscore Lilly’s intent to leverage its financial strength to secure emerging technologies that could define future treatment paradigms, even as it continues to dominate the fast-growing obesity drug market.
