Pharmaceutical giant Eli Lilly acquires biotech firm Kelonia for billions of dollars

American pharmaceutical giant Eli Lilly announced the acquisition of biotechnology company Kelonia in a multi-billion dollar deal. Kelonia specializes in developing cancer treatment drugs, making it an attractive target for Eli Lilly's expansion into oncology therapeutics. The acquisition represents part of the broader consolidation trend in the pharmaceutical industry as major companies seek to strengthen their drug development pipelines and expand their presence in high-value therapeutic areas like cancer treatment.