Eli Lilly Nears $2 Billion Deal to Buy Kelonia Therapeutics

New Delhi: The U.S. drugmaker Eli Lilly, opens new tab, is in advanced talks to acquire ​biotech firm Kelonia Therapeutics for more than $ 2 ‌billion, the Wall Street Journal reported on Sunday.

A deal could be reached as soon as Monday and could include additional ​payments tied to Kelonia meeting certain milestones, ​the Journal added, citing people.Boston-based Kelonia Therapeutics is a clinical‑stage biotechnology company working on a pipeline of genetic medicines across ​a range of diseases with a focus on ​CAR‑T cell therapies.

CAR-T therapies modify a patient's immune cells to ‌recognize ⁠a specific target and destroy cancer cells.

A potential deal would strengthen Lilly's cancer portfolio, which includes therapies, such as Jaypirca and breast cancer drug Verzenio and ​other promising ​candidates, to bolster ⁠its presence in the fast-growing but competitive cancer treatment market.

Lilly, which is dominating the obesity market, has ​diversified beyond its blockbuster weight-loss drugs into other ​therapeutic ⁠areas such as inflammatory bowel disease, cancer, eye disorders and gene-editing technologies through acquisitions and partnerships.

In February, ⁠the ​company said it would acquire Orna Therapeutics ​for up to $2.4 billion in cash.