Lilly’s Deal Spree Broadens Biotech Investor Paydays

Eli Lilly’s aggressive 2026 dealmaking has extended well beyond a few major acquisitions, creating potential payouts for investors across a broad range of biotech startups and venture-backed companies.

Reportedly, Lilly had announced roughly $21 billion in acquisitions and up to $19 billion in licensing agreements since January, spanning cancer, inflammation, genetic medicines, neuroscience, infectious disease and drug-delivery technologies.

Major acquisitions include Ventyx Biosciences for $1.2 billion, Orna Therapeutics for up to $2.4 billion, Centessa Pharmaceuticals for up to $7.8 billion, CrossBridge Bio for up to $300 million, Kelonia Therapeutics for up to $7 billion and Ajax Therapeutics for $2.3 billion.

Lilly also agreed to acquire Engage Biologics for about $202 million and three vaccine companies—Curevo, LimmaTech Biologics and Vaccine Company—for a combined potential value of approximately $3.8 billion.

Licensing and collaboration deals included agreements with Nimbus, InduPro, Seamless Therapeutics, Repertoire Immune Medicines, Innovent, CSL, Insilico Medicine and Profluent Bio, with potential payments ranging from about $100 million to $8.85 billion.

The broad distribution of transactions means value is reaching numerous venture firms, founders and early biotech backers rather than being concentrated in one or two blockbuster exits. Engage, for example, had received support from SciFounders, Pioneer Fund, Y Combinator, the Cystic Fibrosis Foundation, the Gates Foundation and NIH-linked funding.

Lilly is using the cash generation from its GLP-1 medicines Mounjaro and Zepbound to diversify its future pipeline and reduce dependence on obesity, diabetes and oncology products.

Many deal values are contingent:
headline totals include milestone payments tied to clinical, regulatory or commercial success, so the final amounts may be substantially lower or higher depending on program performance.