Eli Lilly to acquire Merida Biosciences in near-$2.9 billion deal to expand immune-disease pipeline

Eli Lilly announced it will buy privately held Merida Biosciences, a company that has created a technology to target and break down malfunctioning antibodies that drive many autoimmune disorders.

The total consideration could reach nearly $2.9 billion, combining an undisclosed upfront payment with future milestone payments. Lilly did not reveal the exact upfront amount, and the transaction is expected to close by the end of the year.

The acquisition is Lilly's third immunology‑focused purchase in 2026, following deals for Ventyx Biosciences and Orna Therapeutics. The move builds on the cash generated by the company’s blockbuster obesity and diabetes medicines, giving it a sizable war chest to broaden its pipeline beyond those core areas.