Eli Lilly & Co. Announces Acquisition of Orna Therapeutics

Eli Lilly & Co. (NYSE: LLY) disclosed that it will acquire the biotechnology company Orna Therapeutics, Inc. for up to $2.4 billion in cash. The transaction, announced on 9 February 2026, will expand Lilly’s cell‑therapy portfolio through Orna’s in‑vivo CAR‑T pipeline, which the company describes as having programs that could reset the immune system and address a range of diseases.

Transaction Terms

  • Purchase Price: Up to $2.4 billion in cash.
  • Structure: The agreement is a cash‑only purchase; the transaction will be paid in U.S. dollars.
  • Regulatory Approval: The deal will require customary regulatory and shareholder approvals.

Strategic Rationale

Orna’s in‑vivo CAR‑T platform is positioned to complement Lilly’s existing oncology and immunology initiatives. The acquisition is intended to accelerate the development of next‑generation cell therapies that can be administered directly to patients without the need for ex‑vivo manipulation, thereby potentially improving safety, efficacy and manufacturing efficiency.

Market Context

The announcement comes amid a period of heightened activity in the biotechnology sector, with other firms pursuing acquisitions to broaden their therapeutic pipelines. Analysts noted that the purchase aligns with Lilly’s long‑term strategy to strengthen its position in oncology and immunology, areas that have historically driven revenue growth for the company.

  • Innovent Partnership – On the same day, Lilly entered into a new global partnership with Chinese biotechnology company Innovent Biologics, valued at several billion dollars. The collaboration focuses on jointly developing cancer and immune‑disease treatments, further reinforcing Lilly’s commitment to expanding its portfolio in these therapeutic areas.
  • Stock Performance – Prior to the announcement, Eli Lilly’s share price closed at $1,058.18 on 5 February 2026, within a 52‑week range of $623.78 to $1,133.95. Market reactions to the acquisition have been closely monitored by investors seeking to assess its impact on Lilly’s earnings prospects and long‑term valuation.

Company Profile

Eli Lilly & Co. is a global pharmaceutical company headquartered in Indianapolis, United States. It specializes in the discovery, development, manufacturing, and sale of pharmaceutical products for humans and animals across several therapeutic areas, including neuroscience, endocrine, anti‑infectives, cardiovascular agents, oncology, and animal health. As of the latest reporting, the company’s market capitalization stands at approximately $965 billion, and its price‑earnings ratio is 44.47.

The acquisition of Orna Therapeutics is expected to enhance Lilly’s competitive positioning in the evolving landscape of cell‑based therapies, supporting the company’s broader objective of delivering innovative treatments to patients worldwide.