Eli Lilly has added yet another string to its M&A bow of 2026 after agreeing to acquire cancer specialist Ajax Therapeutics in a deal worth up to $2.3bn.
The sum being paid by Lilly for US-based Ajax includes an upfront fee as well as clinical and regulatory milestones, though the breakdown of the financials was not disclosed by either company.
In Ajax, Lilly has secured a company developing treatments for myeloproliferative neoplasms (MPNs), a group of rare blood cancers where the bone marrow produces too many red blood cells.
Ajax’s lead asset is AJ1-11095, a once-daily Type II JAK2 inhibitor taken orally. The therapy is currently being evaluated in a Phase I clinical trial (NCT06343805) in patients with myelofibrosis – a type of MPN – who have previously been treated with a Type I JAK2 inhibitor. Dose selection for future clinical development is expected in 2026.
While Incyte and Novartis’ Jakafi/Jakavi (ruxolitinib) and Bristol Myers Squibb’s Inrebic (fedratinib) represent JAK2 inhibitors already approved for myelofibrosis, Ajax contends that its asset provides greater efficacy with disease modification.
Martin Vogelbaum, co-founder and CEO of Ajax, said: “We now look forward to Lilly advancing AJ1-11095 through the clinic and providing a much-needed new therapy for patients with MPNs.”
According to Lilly, AJ1-11095 was “designed as a selective Type II JAK2 inhibitor to not only deliver deeper and more durable efficacy than existing JAK2 inhibitors but also to provide a novel treatment option for those patients who become resistant to Type I JAK2 inhibitors.”
Lilly was no stranger to Ajax before inking the takeover deal. In 2024, the big pharma company participated in Ajax’s $95m Series C financing round.
"As a founding strategic investor in Ajax, Lilly has long believed in the approach and is excited about the potential for AJ1-11095 to deliver deeper and more durable efficacy than available treatments with a tolerability profile that would allow for patients to remain on therapy longer and be used across both the first- and second-line settings," said Jacob Van Naarden, executive vice president and president of Lilly Oncology.
Lilly already markets a JAK inhibitor under the brand name Olumiant (baricitinib). The once-daily therapy’s US label includes indications in rheumatoid arthritis (RA), alopecia areata, and Covid-19.
Lilly’s spending unwavering
Lilly’s Ajax buyout comes as the company continues its acquisition spree, with the pharma company having inked six M&A deals so far in 2026. Of these acquisitions, half have been oncology-focused. Agreements to acquire in vivo CAR-T developers, Orna Therapeutics and Kelonia, came in February and April respectively.
Despite its domineering M&A activity, Lilly is not the only company taking an acquisition-heavy strategy, as GSK and Gilead Sciences have also inked two and three multi-billion-dollar M&A deals, respectively, in 2026. This uptick in activity can be, in part, linked to the upcoming patent cliff faced by the pharma industry, which companies are looking to offset by pipeline restocks.
In the MPN space specifically, Sanofi recently took a bet on Sino Biopharma’s myelofibrosis drug, rovadicitinib, in a licensing deal worth up to $1.53bn, which will see the French pharma company develop the therapy for chronic graft versus host disease (cGVHD) in post-transplant patients.
Meanwhile, Ono bought the global rights to Ionis Pharmaceuticals’ PV therapy, sapablursen, in March 2025, handing over $940m for the mid-stage asset.
