Eli Lilly & Co. has agreed to acquire Kelonia Therapeutics to gain access to a cutting-edge approach for treating blood cancer. The deal is valued at $3.25 billion upfront, with the total value potentially reaching as much as $7 billion.
Kelonia is developing a technology called in vivo CAR-T, which is designed to reprogram patients' T-cells inside the body so that those cells can attack cancer.
The companies are in advanced talks, and a deal could be reached as soon as Monday. The agreement may include additional payments tied to Kelonia meeting certain milestones.