Eli Lilly and Company signed a definitive agreement to acquire Merida Biosciences. The deal is valued at up to $2.875 billion. This total includes an upfront payment and future milestone-based incentives.
The acquisition provides Lilly with Merida’s lead drug candidate, MER511. This asset is currently in Phase 1 development for Graves' disease and thyroid eye disease. Merida’s technology selectively eliminates disease-causing antibodies instead of suppressing the broader immune system.
Lilly is leveraging cash flow from its GLP-1 diabetes and obesity drugs to diversify into the immunology market. The transaction reflects a strategy to secure growth through early-stage assets. The deal is expected to close in the fourth quarter of 2026.