Eli Lilly announced a $2.4 billion cash acquisition of Orna Therapeutics, a private biotechnology company that develops in‑vivo CAR‑T therapies using a circular RNA platform. The deal consists of an upfront payment and milestone‑based payments that could bring the total value to $2.4 billion, with closing expected in the second half of 2026 after regulatory approvals and customary conditions are met.
Orna’s lead program, ORN‑252, targets CD19‑positive B‑cell‑driven autoimmune diseases and has shown robust B‑cell depletion in preclinical models. By adding this technology to its portfolio, Lilly aims to accelerate the development of next‑generation cell therapies that can be delivered directly into patients’ bodies, potentially overcoming the manufacturing and cost challenges of ex‑vivo CAR‑T products.
The acquisition places Lilly in direct competition with other major pharma players that are pursuing in‑vivo CAR‑T solutions, such as Gilead’s Interius BioTherapeutics, AbbVie’s Capstan Therapeutics, Bristol Myers Squibb’s Orbital Therapeutics, and AstraZeneca’s deal with EsoBiotec. It also complements Lilly’s recent investments, including the $700 million Lilly Institute for Genetic Medicine, the 2020 acquisition of Prevail Therapeutics, and the January 2026 collaboration with Seamless Therapeutics for programmable gene editing.
Lilly’s stock advanced 1.7 % in pre‑market trading on the day of the announcement, a move that analysts linked to the combined impact of a strong Q4 2025 earnings beat, optimistic 2026 guidance, and the strategic value of the Orna deal. The earnings report showed revenue of $19.3 billion, up 43 % YoY, and non‑GAAP EPS of $7.54, beating estimates by $0.06. Guidance for 2026 revenue of $80‑$83 billion and non‑GAAP EPS of $33.50‑$35.00 was higher than prior forecasts, reflecting confidence in continued growth in Lilly’s core segments.
"Orna’s technology unlocks an entirely new class of genetic medicines and cell therapies for patients who currently have limited options," said Francisco Ramírez‑Valle, Senior Vice President of Immunology Research and Early Clinical Development at Lilly. Joe Bolen, CEO of Orna, added, "Joining forces with Lilly will help realize the full potential of our platform and accelerate the delivery of transformative therapies to patients worldwide."
The $2.4 billion outlay will be financed from Lilly’s cash reserves, with milestone payments tied to clinical and regulatory milestones for ORN‑252. The acquisition is expected to broaden Lilly’s pipeline beyond its dominant GLP‑1 drugs, positioning the company to capture a share of the rapidly expanding in‑vivo CAR‑T market and diversify its revenue sources.
In summary, the Orna acquisition represents a strategic pivot for Lilly toward next‑generation cell therapies, reinforcing its commitment to genetic medicine and providing a platform that could generate new revenue streams in autoimmune diseases and beyond. The deal’s timing, alongside strong earnings and guidance, signals confidence in Lilly’s growth trajectory and its ability to execute on ambitious therapeutic innovations.
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