Eli Lilly Acquires Orna Therapeutics in Up to $2.4B Deal

Eli Lilly and Company announced on Monday that it has entered into a definitive agreement to acquire Orna Therapeutics, Inc., a Massachusetts‑based biotechnology firm pioneering in vivo cell therapy and circular RNA platforms. The transaction is valued at up to $2.4 billion in cash and milestone payments.

The deal advances Lilly’s push into genetic medicines and cell therapies. It also marks its entry into a rapidly growing in vivo CAR T space that already features big pharma players such as AstraZeneca and AbbVie.

Orna’s technology is designed to program patients’ immune cells inside the body, a contrast to traditional ex vivo CAR‑T therapies that require cells to be extracted, engineered and reinfused.

Orna’s leading candidate, ORN‑252, is a clinical trial-ready CAR‑T therapy targeting the CD19 antigen, a key driver in B cell‑mediated autoimmune diseases. The company’s proprietary circular RNA and lipid nanoparticle (LNP) platform aims to enable longer‑lasting protein expression and broaden the potential reach of RNA‑based cell therapies.

“Early autologous CAR-T studies have shown the promise of cell therapy for patients with autoimmune diseases, but the complexity, cost and logistics of ex vivo approaches make it challenging to deliver these breakthroughs to the broader population of patients who need them,” said Francisco Ramírez-Valle MD, PhD, Senior Vice President, Head of Immunology Research and Early Clinical Development in the announcement from Lilly.

“We look forward to working with Orna colleagues to potentially unlock an entirely new class of genetic medicines and cell therapies for patients who today have limited or no treatment options.”

Lilly’s announcement came alongside other strategic moves in genetic medicine, including an $8.5 billion collaboration with Innovent Biologics. The Orna acquisition underscores the drugmaker’s ambition to compete in next‑generation immunotherapies and expand its presence in autoimmune and oncology indications.

Lilly shares ticked upward following the news.

“At Orna, we believe our circular RNA technology paired with our best-in-class LNP delivery platform have the potential to unlock in vivo CAR-T therapies for patients across a wide range of B cell-driven autoimmune diseases. We are excited to join forces with Lilly, an industry leader in the development of patient-centric therapeutics, to realize the full potential of these technologies,” said Joe Bolen, PhD, CEO of Orna Therapeutics.

Under the agreement, Orna shareholders stand to receive an upfront payment plus additional milestone‑based consideration tied to clinical and regulatory progress. Financial details beyond the $2.4 billion cap have not been disclosed, and the transaction is expected to close after customary regulatory approvals and closing conditions are met.

Related: Eli Lilly Goes Big on Global Manufacturing with $3B Europe Facility and $1.2B Puerto Rico Expansion

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Founded in 2021 with $100 million in funding, Orna’s in vivo CAR T cell approach was formulated based on research from Alex Wesselhoeft, PhD, at MIT and Professor Dan Anderson, PhD. The company had a notable run, raising $221 million in Series B financing, forging collaborations with Merck & Co. and Vertex and acquired RNA drug developer Renegade Therapeutics in 2024.

Lilly joins major pharma players venturing into a growing in vivo CAR‑T space. Gilead Sciences acquired Interius BioTherapeutics for $350 million, and its subsidiary Kite Pharma struck a collaboration with China-based Pregene worth up to $1.6 billion last year. AbbVie bought autoimmune-focused Capstan Therapeutics for $2.1 billion last June, Bristol Myers Squibb acquired Orbital Therapeutics for $1.5 billion in October and AstraZeneca completed its acquisition of EsoBiotec for $1 billion in May last year.

The Indianapolis-based pharma giant has also expressed its ambition to be “a backbone of the global innovation ecosystem.”

Lilly reported robust fourth‑quarter 2025 results with revenue up about 43% to roughly $19.3 billion, driven by its blockbuster diabetes and obesity drugs Mounjaro and Zepbound. The company also provided optimistic guidance for 2026, with expectations to exceed Wall Street forecasts on both sales and earnings.

The strong sales have fueled Lilly’s recent acquisitions, including the purchase of gene editing biotech Verve Therapeutics for $1 billion, inflammation-focused biotech Ventyx for $1.2 billion and eye disease gene therapy specialist Adverum Biotechnologies.