Lilly Strikes Deal for Biotech Orna Worth Up to $2.4 Billion (2)

Eli Lilly & Co agreed to buy closely held US biotech Orna Therapeutics Inc. for up $2.4 billion in cash, its second deal in as many days as the company expands its pipeline beyond its well-known blockbuster obesity drug Zepbound.

Orna is developing a new class of treatments for certain autoimmune diseases, such as rheumatoid arthritis and multiple sclerosis. The biotech company, which is based in Watertown, Massachusetts, has struck licensing deals with other companies, including Vertex Pharmaceuticals Inc. and Merck & Co.

The Lilly-Orna deal will include upfront payments as well as subsequent payouts based on meeting certain ...