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Eli Lilly has agreed to buy cancer biotech Kelonia Therapeutics in a deal worth up to $7 billion, the companies announced Monday.

Why it matters: Lilly is continuing it dealmaking streak.

By the numbers: Indianapolis-based Lilly will buy privately-held Kelonia for $7 billion in cash, which includes an up-front payment of $3.25 billion.

How it works: Cambridge, Mass.-based Kelonia is developing a Phase 1 in vivo CAR-T therapy for relapsed/refractory multiple myeloma.

Early clinical results for the lead candidate, KLN-1010, showed clinical validation and promising tolerability.

Lilly said in a statement it could represent a "transformative advance" in the treatment of multiple myeloma.

Catch up quick: Kelonia was founded in 2021 and raised more than $57 million from Venrock, Crown Venture Fund, Horizons Ventures and Alta Partners, per PitchBook.

Eli Lilly acquired sleep disorder biotech Centessa Pharmaceuticals in a deal worth up to $7.8 billion in March and Ventyx Biosciences for $1.2 billion in January.

Katherine's thought bubble: Lilly's recent deals appear to reflect a therapeutic diversification strategy amid major success with weight-loss drugs like Zepbound.

What's next: The transaction is expected to close in the second half of this year.

Kirkland & Ellis advised Lilly. Jefferies and Goodwin Procter advised Kelonia.

Eli Lilly to buy Kelonia in $7B deal

The deal gives Lilly an experimental cancer drug.

an illustration of a cancer ribbon surrounded by dollar bills and colorful circles 

Eli Lilly has agreed to buy cancer biotech Kelonia Therapeutics in a deal worth up to $7 billion, the companies announced Monday.Why it matters: Lilly is continuing it dealmaking streak.

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Eli Lilly to buy Kelonia in $7B deal

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