Eli Lilly entered a definitive agreement to acquire Merida Biosciences for up to $2.88 billion. The deal includes an upfront cash payment plus additional milestone-contingent sums. Lilly is reinvesting profits from its successful obesity drugs to diversify into new therapeutic areas.
The acquisition grants Lilly control over Merida’s pipeline of selective autoantibody-degrading therapies. Lead candidate MER511 is a Phase 1 treatment for Graves' disease and thyroid eye disease. The pipeline also features preclinical programs for asthma and food allergies.
The transaction is scheduled to close in the fourth quarter of 2026.