Eli Lilly and Company signed a definitive agreement to acquire private biotech firm Merida Biosciences for up to $2.875 billion. The purchase price includes an upfront payment and potential milestone payments.
The acquisition adds Merida’s autoimmune and allergic disease pipeline to Lilly’s portfolio. The lead program, MER511, is currently in Phase 1 development for Graves' disease and thyroid eye disease.
CEO David Ricks stated this marks Lilly’s 13th acquisition in 2026. Total deal-making for the year now exceeds $25 billion.
The move aligns with Lilly’s strategy to build a strong presence in immunology and diversify its current franchises. The transaction is expected to close in the fourth quarter of 2026.