Eli Lilly buys Orna Therapeutics for $2.4bn: A bet on in vivo cell therapy. M&A News / Cell & Gene Therapy | Indianapolis, IN | Feb 11, 2026 Eli Lilly bets on in vivo cell therapy in $2.4bn Orna Therapeutics buyout. Deal Snapshot Acquirer Eli Lilly and Company Target Company Orna Therapeutics Transaction Value Up to $2.4 Billion Core Technology Circular RNA (circRNA) & Lipid Nanoparticles Eli Lilly joins the growing list of big pharma companies hoping to see success from their acquired in vivo CAR-T programmes. The company is acquiring in vivo cell therapy-focused biotech, Orna Therapeutics, in an immunology deal worth up to $2.4bn. Through the agreement, Lilly will gain access to Orna's new class of circular RNA (circRNA) and lipid nanoparticle-based therapies. These are designed to trigger the creation of therapeutic proteins by a recipient's immune system to treat autoimmune diseases in vivo. At the heart of this deal lies ORN-252, which Orna is developing to treat B-cell-driven autoimmune diseases by targeting the CD19 lymphocyte surface antigen. Efficacy & Differentiation: Preclinical trials on the circRNA platform have demonstrated promising efficacy signals, triggering more durable expression of therapeutic proteins than other RNA or cell therapy platforms. Orna believes this could "unlock treatments that are not feasible with current technologies." Eli Lilly's Orna acquisition follows a flurry of high-value deals in early 2026, including a $1.12bn agreement with Seamless Therapeutics and a $1.2bn acquisition of Ventyx. These moves bolster Lilly's cell and gene therapy (CGT) pipeline, which saw 27 deals signed between 2020 and 2025 according to GlobalData. This strategic expansion comes after a positive FY2025, where Lilly achieved 45% sales growth driven by its obesity portfolio. The company recently made history as the first healthcare entity to join the $1tn market cap club, alongside tech leaders like NVIDIA and Apple. In vivo cell therapies catch industry attention. As companies look to mitigate commercialisation and manufacturing (CMC) challenges, many are betting on in vivo CAR-T alternatives. Unlike traditional autologous models, in vivo therapies are less complex and expensive to manufacture. They also sidestep patient-related challenges like lymphodepletion or bridging therapies. Lilly is not alone in this pursuit. In 2025, AbbVie acquired Capstan Therapeutics for $2.1bn, Gilead's Kite Therapeutics invested $350m in Interius BioTherapeutics, and BMS merged with Orbital Therapeutics in a $1.5bn deal, all signalling a massive industry shift toward in vivo models.

Eli Lilly to acquire Orna Therapeutics in deal valued Up to $2.4 billion. Eli Lilly and Company has entered into a definitive agreement to acquire Orna Therapeutics, Inc., a biotechnology company focused on in vivo immune cell engineering using circular RNA technology. The acquisition strengthens Lilly's push into next-generation genetic medicines, particularly in vivo CAR-T therapies for autoimmune diseases - an area currently constrained by the cost and complexity of ex vivo cell therapy. Why Orna matters? Orna is developing a new therapeutic class based on: * Engineered circular RNA (oRNA) * Proprietary lipid nanoparticle (LNP) delivery systems This approach allows a patient's own body to generate cell therapies internally, potentially bypassing: * Cell extraction * Ex vivo manipulation * Re-infusion logistics Preclinical experiments suggest Orna's circular RNA platform may enable more durable protein expression than conventional linear mRNA, opening treatment possibilities not feasible with current RNA or cell therapy technologies. Lead program: in vivo CAR-T for autoimmune disease. Orna's lead asset, ORN-252, is a clinical trial-ready, CD19-targeted in vivo CAR-T therapy aimed at B cell - driven autoimmune diseases. Unlike traditional autologous CAR-T: * CAR-T cells are generated inside the patient * Manufacturing, time delays, and high costs may be significantly reduced * Broader patient access becomes feasible Lilly's strategic rationale. Lilly is targeting a known bottleneck in autoimmune CAR-T development. Dr. Francisco Ramírez-Valle, SVP and Head of Immunology Research and Early Clinical Development at Lilly, said early CAR-T studies have shown strong promise, but ex vivo approaches remain difficult to scale. He emphasized that Lilly sees Orna's platform as a way to: * Remove logistical barriers * Expand access to transformative therapies * Create an entirely new class of genetic medicines Orna's perspective. Dr. Joe Bolen, CEO of Orna Therapeutics, highlighted that the company's circular RNA and LNP platforms are designed to unlock in vivo CAR-T therapies across multiple B cell - driven autoimmune indications. He added that partnering with Lilly accelerates the ability to fully realize the technology's therapeutic potential. Deal terms at a glance. * Transaction type: Acquisition * Total potential value: Up to $2.4 billion * Structure: * Upfront cash payment * Additional milestone-based payments tied to clinical development Final accounting treatment will be determined by Lilly under GAAP and reflected in its financial results following closing. Advisors. * Legal counsel (Lilly): Paul, Weiss, Rifkind, Wharton & Garrison LLP * Financial advisor (Orna): Lazard * Legal counsel (Orna): Goodwin Procter LLP Bigger picture. This deal signals: * Lilly's serious commitment to in vivo cell therapy * Growing confidence in circular RNA as a next step beyond mRNA * A strategic shift toward scalable autoimmune CAR-T solutions If Orna's platform translates clinically, it could redefine how CAR-T therapies are delivered - moving from bespoke manufacturing to off-the-shelf, in-body generation.