Eli Lilly will acquire Merida Biosciences in an all-cash deal valued at up to $2.88 billion. This transaction marks the pharmaceutical giant’s 13th acquisition of 2026. Total M&A spending for the company has reached approximately $32 billion so far this year.
The move aims to diversify Lilly’s pipeline beyond its successful GLP-1 agonists, Mounjaro and Zepbound. Merida Biosciences, established in 2022, focuses on developing precision immunology therapies for autoimmune diseases.
The acquisition grants Lilly access to MER511, a Phase 1 candidate targeting thyroid eye disease and Graves' disease. This therapy selectively eliminates pathogenic drivers while preserving normal immune function. Lilly is reinvesting cash flow from its obesity franchise to build long-term growth in the autoimmune and allergic sectors.