Eli Lilly to acquire Merida Biosciences in up to $2.9 billion deal for precision antibody-degrading therapies

Eli Lilly announced it will purchase Massachusetts‑based Merida Biosciences, adding a platform that can selectively degrade disease‑causing antibodies.

The transaction could total up to $2.875 billion in cash, combining an upfront payment with milestone‑based earn‑outs, though the company did not break down the exact amounts.

Merida brings a Phase 1 candidate, MER511, being studied for thyroid eye disease and Graves’ disease, as well as a preclinical antibody, MER769, aimed at disrupting allergy pathways.

Pending regulatory clearances, the deal is expected to close in the fourth quarter, and analysts view it as a strategic use of capital that broadens Lilly’s immunology pipeline.