US pharmaceutical company Eli Lilly and Company (NYSE:LLY) announced on Monday that it has signed a definitive agreement to acquire Orna Therapeutics Inc, a biotechnology company focused on engineering immune cells in vivo.

Orna is advancing a new class of therapeutics using engineered circular RNA paired with novel lipid nanoparticles to allow the patient's own body to generate cell therapies that can treat underlying disease. Its lead programme is ORN-252, a clinical trial-ready, CD19 targeting in vivo Chimeric Antigen Receptor T-cell (CAR-T) therapy designed to treat B cell-driven autoimmune diseases. Experiments to date suggest that Orna's circular RNA platform may deliver more durable expression of therapeutic proteins and therefore unlock treatments that are not feasible with current RNA or cell therapy platforms, Lilly said.

Under the terms of the agreement, Orna shareholders could receive up to USD2.4bn in cash, including an upfront payment and subsequent payments upon achievement of certain clinical development milestones.

Lilly will determine the accounting treatment of this transaction in accordance with Generally Accepted Accounting Principles (GAAP) upon closing. This transaction will thereafter be reflected in Lilly's financial results and financial guidance.

Francisco Ramírez-Valle M.D., Ph.D., senior vice president, head of Immunology Research and Early Clinical Development, said: "Early autologous CAR-T studies have shown the promise of cell therapy for patients with autoimmune diseases, but the complexity, cost, and logistics of ex vivo approaches make it challenging to deliver these breakthroughs to the broader population of patients who need them. We look forward to working with Orna colleagues to potentially unlock an entirely new class of genetic medicines and cell therapies for patients who today have limited or no treatment options."