Eli Lilly acquires Orna Therapeutics for USD2.4B to expand its cell therapy portfolio

USA—Eli Lilly has acquired Orna Therapeutics, a biotech company specializing in in vivo cell therapy, in a deal valued at up to USD2.4 billion.

The acquisition gives Lilly access to Orna’s innovative platform, which combines circular RNA (circRNA) with lipid nanoparticle-based therapies.

These therapies work by instructing a patient’s immune system to produce therapeutic proteins directly within the body, offering a new approach to treating autoimmune diseases.

At the center of this transaction sits ORN-252, Orna’s lead candidate for treating B-cell-driven autoimmune conditions.

The therapy represents an in vivo CAR-T treatment that targets the CD19 lymphocyte surface antigen, and the company plans to advance it into clinical trials.

Orna’s preclinical studies have shown that its circRNA platform triggers longer-lasting expression of therapeutic proteins compared to existing RNA or cell therapy platforms.

The company believes this durability could enable treatments that current technologies cannot achieve.

Lilly’s aggressive acquisition strategy continues

The Orna deal marks the latest in a series of significant acquisitions Lilly has executed in early 2026.

Just weeks earlier, the pharmaceutical giant signed a USD1.12 billion development and licensing agreement with Seamless Therapeutics, which focuses on gene therapies for hearing loss.

Lilly also acquired Ventyx, an inflammatory disease specialist, for USD 1.2 billion during the same period.

These moves reflect Lilly’s sustained interest in cell and gene therapy (CGT).

According to GlobalData, the parent company of Pharmaceutical Technology, Lilly signed 27 CGT deals between 2020 and 2025.

The acquisition of Orna adds another promising asset to this expanding pipeline.

Record-breaking financial performance drives expansion

Lilly’s aggressive deal-making comes on the heels of an exceptional fiscal year 2025, during which the company posted 45% sales growth.

The company’s obesity portfolio drove much of this success, with its cardiometabolic franchise generating substantial profits.

This financial performance helped Lilly achieve a historic milestone by becoming the first healthcare company to reach a USD 1 trillion market cap, joining an elite group that includes technology giants like NVIDIA and Apple.

Industry shifts toward in-vivo CAR-T therapies

The pharmaceutical industry has long grappled with the commercialization challenges associated with cell and gene therapies, particularly regarding chemistry, manufacturing, and controls (CMC).

Traditional autologous therapy models require complex, patient-specific manufacturing processes that prove both expensive and logistically demanding.

In vivo CAR-T alternatives have emerged as a potential solution to these obstacles.

These therapies eliminate the need for extracting and modifying a patient’s cells outside the body, making them simpler and more cost-effective to produce.

Patients receiving in vivo treatments also avoid the lymphodepletion and bridging therapies typically required before receiving ex vivo CAR-T products.

Big Pharma bets on emerging technology

Several major pharmaceutical companies have recognized the promise of in vivo CAR-T technology.

AbbVie acquired Capstan Therapeutics for up to USD2.1 billion in July 2025.

Kite Therapeutics, owned by Gilead Sciences, paid USD350 million to acquire Interius BioTherapeutics and its in vivo CAR-T pipeline in August 2025.

Bristol Myers Squibb followed with a USD 1.5 billion merger with Orbital Therapeutics, further expanding its CAR-T portfolio.

These deals demonstrate the industry’s growing confidence in this therapeutic approach.