Eli Lilly agreed on 27 April to acquire Ajax Therapeutics, a developer of next-generation JAK inhibitors for myeloproliferative neoplasms, for up to $2.3bn in cash.
Why Eli Lilly and Company is buying Ajax Therapeutics, Inc.
Lilly said AJ1-11095, a first-in-class Type II JAK2 inhibitor, could deliver deeper and more durable efficacy than available treatments, with tolerability allowing longer therapy in both first- and second-line settings. Lilly planned to present proof-of-concept data later in 2026 and move the drug rapidly into registrational trials.
“As a founding strategic investor in Ajax, Lilly has long believed in the approach”
Deal terms and financing
Ajax shareholders could receive up to $2.3bn in cash, including an upfront payment and later payments tied to clinical and regulatory milestones. The split was not disclosed.
Regulatory approvals and timing
The deal required Hart-Scott-Rodino clearance. Lilly's quarterly report for the period to 30 June 2026 lists Ajax as acquired in June 2026 and records a $909m acquired IPR&D charge.
Market context
Ajax was built on the work of five scientific founders, including Memorial Sloan Kettering's Ross Levine. The deal came a week after Lilly agreed to buy Kelonia Therapeutics for up to $7bn.
