Eli Lilly to Buy Kelonia Therapeutics for Initial $3.25 Billion

Published: 2026-04-20 09:26:17 ET LLY

Published on 04/20/2026 at 09:26 am EDT

By Colin Kellaher

Eli Lilly agreed to buy privately held cancer biotech Kelonia Therapeutics for up to $7 billion in cash, including an upfront payment of $3.25 billion.

Eli Lilly on Monday said it will make subsequent payments upon the achievement of certain clinical, regulatory and commercial milestones.

The Wall Street Journal on Sunday reported the Eli Lilly was closing in on a deal for Kelonia, which is developing a next-generation treatment for the blood cancer multiple myeloma.

Eli Lilly's deal to buy Kelonia adds to a recent spate of small and midsize pharma acquisitions that have become a sweet spot for companies seeking to bolster the work of their own labs or lineups.

Deals between $1 billion and $10 billion accounted for about three-quarters of pharmaceutical transactions in the first three months of the year, reflecting a more tightfisted approach to dealmaking than previous periods, when big companies regularly shelled out tens of billions of dollars.

Indianapolis drugmaker Eli Lilly struck deals in the first quarter to buy sleep drugmaker Centessa Pharmaceuticals for an initial $6.3 billion, genetic-medicine biotechnology company Orna Therapeutics for up to $2.4 billion and biotech Ventyx Biosciences for about $1.2 billion.

Write to Colin Kellaher at [email protected]

(END) Dow Jones Newswires

04-20-26 0926ET