U.S. pharmaceutical company Eli Lilly is reportedly in advanced discussions to acquire biotech firm Kelonia Therapeutics for over $2 billion, according to a Wall Street Journal report on Sunday.
A potential agreement could be finalized as early as Monday and may also include additional milestone-based payments, the report said, citing sources familiar with the matter.
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Boston-based Kelonia Therapeutics is a clinical-stage biotechnology company developing a pipeline of genetic medicines for a range of diseases, with a strong focus on CAR-T cell therapies.
CAR-T therapies work by engineering a patient’s immune cells to recognize specific targets and destroy cancer cells.
A potential deal would expand Eli Lilly’s oncology portfolio, which already includes treatments such as Jaypirca and the breast cancer drug Verzenio, along with other pipeline candidates, strengthening its position in the fast-growing but highly competitive cancer treatment market.
While Lilly remains a leader in the obesity drug space, it has been broadening its reach beyond blockbuster weight-loss therapies into areas such as cancer, inflammatory bowel disease, eye disorders, and gene-editing technologies through acquisitions and strategic partnerships.
In February, the company announced it would acquire Orna Therapeutics in a cash deal worth up to $2.4 billion.
