Lilly Plans $2.88B Merida Autoimmune Acquisition

Eli Lilly is pursuing an aggressive acquisition strategy to reduce its reliance on Mounjaro and Zepbound and broaden its pipeline beyond obesity, diabetes and oncology. The company agreed to acquire Curevo, LimmaTech Biologics and Vaccine Company in transactions worth up to roughly $3.83 billion combined, gaining vaccine programs targeting shingles, bacterial infections, antimicrobial resistance, Epstein-Barr virus and other pathogens. Lilly also agreed to acquire Merida Biosciences for up to approximately $2.875 billion, expanding into precision treatments for autoimmune and allergic diseases through therapies designed to selectively eliminate harmful autoantibodies rather than broadly suppress the immune system. Merida’s lead candidate, MER511, is in Phase 1 testing for Graves’ disease and thyroid eye disease, while additional programs target allergies, asthma and related immune conditions. Together, the deals reflect Lilly’s effort to use the strength of its obesity-drug business to build a more diversified long-term growth pipeline.