Eli Lilly acquires biotech company Kelonia for $7 billion to strengthen its cancer treatment portfolio
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Glonghui, April 21 — Eli Lilly has agreed to acquire the clinical-stage biotechnology company Kelonia Therapeutics for up to $7 billion in order to strengthen its cancer treatment portfolio. The transaction includes a $3.25 billion cash upfront payment, with additional payments to be made based on the achievement of specific clinical, regulatory, and commercial milestones. The deal is subject to regulatory approval and is expected to be completed in the second half of this year. Through this acquisition, Eli Lilly will obtain Kelonia's main research candidate KLN-1010, which is used to treat multiple myeloma, a blood cancer that affects plasma cells in the bone marrow. The relevant product is currently undergoing phase 1 studies.
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