Eli Lilly and Company (LLY) to acquire Orna Therapeutics

Eli Lilly and Company (NYSE: LLY) on Monday said it signed an agreement to acquire Orna Therapeutics, Inc., a biotechnology company focused on engineering immune cells in vivo. Under the agreement, Orna shareholders will receive up to $2.4 billion in cash, which includes an upfront payment and subsequent payments upon meeting certain clinical development milestones.

Orna is developing novel therapeutics utilizing engineered circular RNA paired with novel lipid nanoparticles to allow the patient’s own body to generate cell therapies capable of treating underlying disease. Orna’s lead program, ORN-252, is an in-vivo CAR-T therapy that targets CD19. It is designed to treat autoimmune diseases caused by B cells and is ready for clinical trials.

Joe Bolen, chief executive officer of Orna Therapeutics, said, “At Orna, we believe our circular RNA technology paired with our best-in-class 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.”

Last week, Eli Lilly reported revenues of $19.3 billion for the fourth quarter, representing a 43% year-over-year increase. Driven by the strong top-line growth, adjusted earnings jumped 42% from last year to $7.54 per share in Q4.