Eli Lilly to Acquire Merida Biosciences for Up to $2.875 Billion

Eli Lilly agreed on Aug. 31, 2026, to acquire privately held Merida Biosciences for up to $2.875 billion in cash, including an upfront payment and contingent milestone payments.

The deal would be Lilly’s 13th acquisition announced in 2026, underscoring the drugmaker’s aggressive expansion beyond its diabetes and obesity franchises.

Merida’s lead program, MER511, is a Phase 1 investigational therapy for thyroid eye disease and Graves’ disease. It is designed to selectively eliminate disease-causing antibodies and their source B cells.

Lilly will also acquire MER769, a preclinical antibody program aimed at allergic diseases including food allergy, asthma and chronic spontaneous urticaria, as well as Merida’s precision-degradation platform.

The transaction is subject to customary closing conditions and regulatory approvals, with completion expected in the fourth quarter of 2026.

The acquisition strengthens Lilly’s immunology pipeline while pursuing treatments intended to target harmful antibodies without broadly suppressing the immune system.