Eli Lilly to acquire Ajax Therapeutics in US$2.3Bdeal to expand rare blood cancer pipeline.

USA—Eli Lilly has agreed to acquire cancer-focused biotech Ajax Therapeutics in a deal worth up to US$2.3 billion, strengthening its oncology pipeline and extending an aggressive acquisition run in 2026.

The transaction includes an upfront payment plus additional clinical and regulatory milestone payments, although neither company disclosed the exact breakdown.

The acquisition gives Lilly access to Ajax’s experimental therapies for myeloproliferative neoplasms (MPNs), a group of rare blood cancers in which the bone marrow produces excessive blood cells.

These diseases can lead to serious complications, including scarring of the bone marrow, enlarged spleen, fatigue, and increased risk of leukemia.

Lead drug targets myelofibrosis

Ajax’s lead candidate, AJ1-11095, is a once-daily oral Type II JAK2 inhibitor.

The drug is currently being tested in a Phase I clinical trial in patients with myelofibrosis who have previously received a Type I JAK2 inhibitor.

Ajax expects to complete dose selection for later-stage development in 2026.

Myelofibrosis is a severe form of MPN that disrupts normal blood cell production and can significantly reduce quality of life.

Current approved treatments include Incyte and Novartis’ Jakafi/Jakavi (ruxolitinib) and Bristol Myers Squibb’s Inrebic (fedratinib).

However, Ajax believes AJ1-11095 could offer deeper and longer-lasting responses while potentially modifying disease progression.

Martin Vogelbaum, co-founder and chief executive officer of Ajax, said the company is pleased to see Lilly advance the therapy and continue work on a much-needed treatment option for patients living with MPNs.

Lilly added that the drug was designed to selectively target Type II JAK2 pathways and may help patients whose disease becomes resistant to currently available Type I JAK2 inhibitors.

Existing ties between Lilly and Ajax

Lilly already had a relationship with Ajax before the takeover.

In 2024, the pharmaceutical giant participated in Ajax’s US$95 million Series C financing round.

Jacob Van Naarden, executive vice president and president of Lilly Oncology, said Lilly has long supported Ajax’s scientific strategy and sees potential for AJ1-11095 to improve efficacy, tolerability, and treatment duration in both first-line and second-line settings.

Lilly also markets another JAK inhibitor, Olumiant (baricitinib), which is approved in the United States for rheumatoid arthritis, alopecia areata, and COVID-19.

Acquisition push across pharma

The Ajax purchase marks Lilly’s sixth acquisition of 2026, with three of those deals focused on oncology.

Earlier this year, Lilly agreed to acquire in vivo CAR-T developers Orna Therapeutics and Kelonia.

Other major drugmakers are also pursuing acquisitions.

GSK has completed two multibillion-dollar deals this year, while Gilead Sciences has signed three.

Many companies are using acquisitions to rebuild pipelines ahead of looming patent expirations on key products.

In the MPN market, Sanofi recently signed a licensing deal worth up to US$1.53 billion for Sino Biopharma’s rovadicitinib.

Meanwhile, Ono Pharmaceutical bought global rights to Ionis Pharmaceuticals’ sapablursen in March 2025 for US$940 million.