Lilly Acquires Orna Therapeutics in $2.4B to Scale In Vivo CAR-T Cell Therapies

Eli Lilly and Company and Orna Therapeutics have entered a definitive agreement for Lilly to acquire Orna on Feb. 9. The transaction expands Lilly’s presence in genetic medicine and in vivo cell engineering such as in vivo CAR-T. Orna develops immune cell therapies generated directly inside the patient’s body. The company applies engineered circular RNA with proprietary lipid nanoparticles. This approach enables patients to produce therapeutic cells. Lilly views the platform as a long-term engine for innovation. Orna shareholders could receive up to $2.4 billion in cash. The consideration includes upfront and development milestone-based payments.

In Vivo CAR-T Platform Targets B Cell-Driven Autoimmune Diseases

What Lilly could get? For example, Orna’s lead program, ORN-252, is a CD19-targeting in vivo CAR-T therapy designed for B cell-driven autoimmune diseases. The program is clinical trial-ready. Preclinical data suggest durable therapeutic protein expression. Circular RNA may outperform conventional linear RNA approaches in sustaining activity. The platform could enable therapies not feasible with existing cell technologies. In vivo CAR-T approaches may reset immune dysfunction at its source.

Orna’s in vivo CAR platform, panCAR™, combines its oRNA® technology with proprietary lipid nanoparticles. The platform enables immune cell modification directly within the patient. It requires no lymphodepletion and eliminates manufacturing delays. Unlike ex vivo CAR-T or CAR-NK therapies, panCAR™ can generate CAR-T, CAR-NK, and CAR-macrophages simultaneously. The off-the-shelf design allows redosing, dose control, and consistent generation of CAR-expressing immune cells.

“At Orna, we believe our circular RNA technology paired with our 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, Ph.D., Chief Executive Officer of Orna Therapeutics.

Addressing Access and Scalability Challenges in Cell Therapy

Autologous CAR-T therapies show strong clinical promise in autoimmune diseases. However, ex vivo manufacturing remains complex and costly. Logistics limit access for many patients worldwide. Lilly aims to overcome these barriers through in vivo cell engineering. The company sees broad potential across multiple immune-mediated indications. Lilly will determine the accounting treatment under GAAP after closing. The transaction will be reflected in future financial results and guidance.

Also, Eli Lilly had opened 2026 with a $1.2 billion cash acquisition of  Ventyx Biosciences to strengthen its inflammation portfolio, alongside a collaboration with NVIDIA to advance its AI capabilities.

Author

Steven Chung

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