New York, Feb 9, 2026, 17:32 ET — After hours trading.
- Eli Lilly shares slipped roughly 1.3% by late Monday, following a choppy day of trading.
- The drugmaker has struck a deal to acquire Orna Therapeutics, with the transaction valued at as much as $2.4 billion.
- Lilly’s recent buying binge has traders asking if the company can stretch growth past its obesity franchise.
Eli Lilly and Co shares slipped roughly 1.3% to $1,044.67 in after-hours trading Monday, moving between $1,043 and $1,106.79.
Just hours earlier, the drugmaker announced plans to buy Orna Therapeutics in a cash transaction valued at up to $2.4 billion, milestone-based clinical payments included. 1
The stakes: Lilly’s stock already reflects investors betting big on sustained growth, thanks to its diabetes and obesity drugs. By striking deals to expand its pipeline into fresh territory, the company can help offset hits from pricing pressure, supply hiccups, or rivals muscling in.
Here’s a wager on a tricky slice of biotech. Success for “in vivo” cell therapy — making treatments directly inside the patient instead of in the lab — might lower barriers by slashing timelines, expenses, and complicated logistics.
Orna’s method relies on circular RNA combined with lipid nanoparticles, prompting the body to make therapeutic agents; its main program targets CD19, a marker already used in some cell therapies. BMO Capital Markets analyst Evan Seigerman pointed out that the platform might broaden Lilly’s reach in oncology and immunology. Still, he called the technology high-risk and noted it hasn’t been proven in large studies. Rivals include Bristol Myers Squibb, AbbVie, and Gilead. 2
Lilly pitched the deal as a play to cut down on the headaches of cell therapy. “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,” said Francisco Ramírez-Valle, who leads immunology research and early clinical development at Lilly, in the statement announcing the agreement. Joe Bolen, CEO at Orna, argued their technology could “unlock in vivo CAR-T therapies” for a broad slate of autoimmune conditions. 3
CAR-T, or chimeric antigen receptor T-cell therapy, rewires immune cells to spot and destroy a chosen target. Most CAR-Ts on the market are produced “ex vivo” — a patient’s cells are collected, modified, and then reinfused — a process that’s both time-consuming and expensive.
Here’s the catch: early players face pitfalls—think safety, longevity, or just building the thing—and deep-pocketed competitors aren’t sitting still. Getting a program to “clinical trial-ready” is only half the battle; years can tick by before results, and the market has little patience for slowdowns.
Lilly holders are lining up for the next cue: will management hint at any ripple into 2026 forecasts, and just how fast does Orna’s main program start clinical trials? Traders aren’t ignoring the rest of the calendar either. Eyes also shift to key regulatory moments in Lilly’s obesity lineup — the FDA is set to rule on orforglipron, Lilly’s oral obesity drug candidate, in April. 4
