Eli Lilly is in advanced talks to acquire Boston-based Kelonia Therapeutics for more than $2 billion, according to a Wall Street Journal report published Sunday. A deal could be announced as early as Monday, though negotiations could still fall through.
Eli Lilly is in advanced talks to acquire Kelonia Therapeutics for more than $2 billion, according to people familiar with the matter https://t.co/FjX82jSF1M
— WSJ Markets (@WSJmarkets) April 19, 2026
The transaction may also include additional payments tied to Kelonia hitting certain development milestones, the Journal reported, citing people familiar with the matter.
LLY stock was up around 2.55% on the news.
Kelonia is a clinical-stage biotech focused on CAR-T cell therapies — treatments that reprogram a patient’s own immune cells to find and destroy cancer cells.
The company’s lead focus is multiple myeloma, a form of blood cancer. Its approach aims to simplify CAR-T treatment by removing the need for chemotherapy and the complex cell-manufacturing steps typically involved.
That’s a meaningful distinction in the CAR-T space, where treatment logistics have long been a bottleneck.
Kelonia has raised just under $60 million to date. It was last valued at just above $100 million back in 2022 — making the reported $2 billion-plus price tag a sizeable jump.
Eli Lilly and Kelonia did not respond to Reuters’ requests for comment outside regular business hours.
Lilly already has a foothold in oncology. Its cancer lineup includes Jaypirca and breast cancer drug Verzenio, along with other pipeline candidates.
Adding Kelonia would push Lilly deeper into the blood cancer segment, one of the faster-growing areas of oncology.
The deal fits a broader pattern. Lilly has been actively dealmaking, backed by strong cash flows from its blockbuster weight-loss drug Zepbound and diabetes treatment Mounjaro.
In February, Lilly said it would acquire Orna Therapeutics for up to $2.4 billion. Kelonia would be another major move in a short window.
Lilly has made no secret of its plans to diversify. The company has been expanding into inflammatory bowel disease, eye disorders, cancer, and gene-editing technologies through a mix of acquisitions and partnerships.
CAR-T therapies fit squarely into that strategy. The technology has shown real promise in treating blood cancers, and several approved therapies already exist — but the manufacturing complexity and cost remain challenges the industry is still working through.
Kelonia’s simplified approach is what makes it attractive. If it can deliver results with fewer logistical hurdles, that’s a competitive edge worth paying for.
Lilly has not confirmed the deal. The Wall Street Journal said it could still fall apart before any announcement.
LLY stock was trading up approximately 2.55% following the report.
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