Why Is Eli Lilly (LLY) Stock Up Premarket? $2.4B Biotech Acquisition

Eli Lilly and Company (NYSE:LLY) shares are surging in premarket trading on February 9, 2026, following the announcement of a major acquisition in the biotechnology sector. The pharmaceutical giant revealed it has entered a definitive agreement to acquire Orna Therapeutics for up to $2.4 billion in cash, marking a strategic expansion into cutting-edge cell therapy technology.

The deal comes as Lilly continues to build on strong momentum, with the stock trading at $1,080.93 in premarket hours at 7:42 AM EST, up $23.13 or 2.19% from the previous close of $1,058.18.

Eli Lilly Expands Cell Therapy Platform With Orna Deal

Lilly’s acquisition of Orna Therapeutics represents a significant move into the emerging field of in vivo cell engineering and circular RNA therapeutics. Orna specializes in engineered circular RNA paired with lipid nanoparticles that enable patients’ bodies to generate their own cell therapies.

The company’s lead program, ORN-252, is a clinical trial-ready CD19 targeting in vivo Chimeric Antigen Receptor T-cell (CAR-T) therapy designed to treat B cell-driven autoimmune diseases. This approach aims to address the complexity, cost, and logistical challenges associated with current ex vivo CAR-T approaches.

The acquisition structure includes an upfront payment plus milestone-based payments totaling up to $2.4 billion. Francisco Ramírez-Valle, Senior Vice President and Head of Immunology Research at Lilly, emphasized that while early autologous CAR-T studies have shown promise for autoimmune diseases, the complexity of ex vivo approaches makes it difficult to reach broader patient populations.

Orna’s circular RNA platform may deliver more durable expression of therapeutic proteins compared to current RNA or cell therapy platforms, potentially unlocking entirely new treatment classes for patients with limited options.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to Lilly, while Lazard acts as financial advisor to Orna with Goodwin Procter LLP as legal counsel. The transaction is expected to close pending customary closing conditions, after which Lilly will determine the accounting treatment in accordance with Generally Accepted Accounting Principles (GAAP).

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LLY Stock Moves Higher on Acquisition News

Eli Lilly’s stock has demonstrated remarkable strength, with the premarket price of $1,080.93 representing a 2.19% gain ahead of regular trading hours. The company closed the previous session at $1,058.18, up $37.34 or 3.66%, reflecting investor enthusiasm around its growth trajectory.

With a market capitalization approaching $950 billion and trading near its 52-week high of $1,133.95, Lilly continues to solidify its position as one of the most valuable pharmaceutical companies globally.

The company’s financial metrics underscore its robust performance, with a trailing P/E ratio of 46.09 and revenue of $65.18 billion over the last twelve months. Analysts project 21% revenue growth and 40% adjusted earnings growth in 2026, driven largely by strong demand for its weight-loss drugs Mounjaro and Zepbound, along with diabetes treatments. The average analyst price target stands at $1,191.19, suggesting further upside potential from current levels.

Recent analyst activity has been overwhelmingly positive, with JPMorgan raising its price target from $1,150 to $1,300 while maintaining an Overweight rating. The firm highlighted Lilly’s growth potential in the obesity and type 2 diabetes markets, where the company is gaining market share against competitors like Novo Nordisk.

Additionally, Lilly recently announced a separate partnership with Innovent Biologics to develop oncology and immunology medicines, potentially generating up to $8.5 billion in milestone payments. The Orna acquisition further strengthens Lilly’s position in immunology and positions the company at the forefront of next-generation cell therapy innovation.

Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.