Indianapolis, IN – February 9, 2026 – Eli Lilly and Company today announced it has entered into a definitive agreement to acquire Orna Therapeutics for up to $2.4 billion in cash, strengthening Lilly’s next-generation cell therapy and oncology capabilities.
The acquisition provides Lilly with access to Orna’s proprietary circular RNA (oRNA) platform and novel lipid nanoparticle (LNP) delivery technology designed to enable in vivo CAR-T therapies—a transformative approach that aims to generate engineered immune cells directly inside a patient’s body without the need for ex vivo cell extraction and reinfusion.
Advancing In Vivo CAR-T Innovation
Orna’s lead candidate, ORN-252, is an early-stage chimeric antigen receptor T-cell (CAR-T) therapy targeting CD19, a validated receptor expressed on certain B-cell malignancies.
Traditional CAR-T therapies—currently marketed by companies such as Bristol Myers Squibb, Gilead Sciences, and Johnson & Johnson—require immune cells to be removed from patients, genetically modified in specialized facilities, and then reinfused. Orna’s circular RNA platform seeks to simplify this process by enabling cell programming directly within the body, potentially improving scalability, access, and manufacturing efficiency.
Lilly believes this approach, if validated in clinical development, could expand the reach of CAR-T therapies beyond current logistical and cost constraints while accelerating innovation across oncology and immunology.
Strategic Diversification Beyond Obesity
The acquisition aligns with Lilly’s broader strategy to diversify beyond its market-leading obesity and metabolic franchises into high-growth, innovation-driven therapeutic areas including oncology, immunology, gene editing, and advanced biologics.
Over the past year, Lilly has executed multiple strategic transactions to expand its pipeline breadth. Earlier this month, Lilly announced a collaboration with Innovent Biologics to develop immunology and oncology medicines, including a $350 million upfront payment and up to $8.5 billion in potential milestone payments.
The Orna transaction further reinforces Lilly’s commitment to building platform technologies that can generate multiple therapeutic assets rather than single-product opportunities.
Leadership Commentary
“This acquisition represents a strategic step toward redefining how cell therapies can be delivered,” said David A. Ricks, Chairman and Chief Executive Officer of Eli Lilly and Company. “Orna’s circular RNA technology has the potential to overcome some of the most significant manufacturing and scalability challenges in cellular immunotherapy. We are investing in platforms that can transform how advanced therapies reach patients.”
“By combining Orna’s innovation in circular RNA and lipid nanoparticle delivery with Lilly’s global development and commercialization capabilities, we aim to accelerate the next wave of immuno-oncology breakthroughs,” added Lilly’s Head of Research and Development.
Expanding Oncology and Immunology Capabilities
The integration of Orna’s platform strengthens Lilly’s oncology pipeline, particularly in hematologic malignancies and potentially solid tumors over time. Beyond oncology, the circular RNA approach could enable broader applications across immunology and other disease areas where precise cellular programming may provide therapeutic advantage.
While the technology remains early-stage and carries development risk, Lilly views platform expansion as critical to sustaining long-term innovation leadership.
Transaction Overview
Under the terms of the agreement, Lilly will acquire Orna for up to $2.4 billion in cash, including upfront and potential milestone payments. The transaction is subject to customary closing conditions.
Strategic Outlook
With this acquisition, Lilly continues to reshape its innovation portfolio toward scalable biologics, RNA-based technologies, and next-generation cell therapy platforms. The company’s strategy emphasizes durable scientific differentiation, pipeline diversification, and long-term therapeutic leadership across oncology and immunology.
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