Eli Lilly and CompanyLilly agrees to acquire Merida Biosciences for up to $2.88B, its 13th acquisition of 2026, expanding into autoimmune diseases.

Eli Lilly has agreed to acquire Merida Biosciences for up to $2.88 billion in cash, expanding into autoimmune diseases as it diversifies beyond its blockbuster obesity and diabetes drugs. The deal, announced on August 31, is Lilly's 13th acquisition of 2026, the most among large drugmakers, and follows two other immunology purchases: a $1.2 billion buyout of Ventyx Biosciences and a deal for Orna Therapeutics worth up to $2.4 billion. Merida, a privately held company with $121 million in funding, is developing drugs that selectively remove disease-causing autoantibodies while preserving healthy immune function. Its lead candidate, MER511, is in Phase 1 testing for Graves' disease and thyroid eye disease, and a second drug, MER769, targets food allergies and asthma. The agreement includes an upfront payment plus milestone payments, so Lilly's total cost could stay below the headline figure if the drugs fail. The deal is expected to close in the fourth quarter of 2026, but any revenue is years away, and Lilly's current valuation at a price-to-earnings ratio of 39.32 leaves little room for error.
Eli Lilly and CompanyLilly agrees to acquire Merida Biosciences for up to $2.88B, its 13th acquisition of 2026, expanding into autoimmune diseases.
Merida Biosciences is being acquired by Eli Lilly for up to $2.88B in cash, with upfront plus milestone payments.
Mentioned only as a prior Lilly immunology acquisition (up to $2.4B deal), not the subject of this news.