Merida Biosciences

Biotech · Pharmaceuticals · Immunology

Acquisition

Eli Lilly to acquire Merida Biosciences for up to $2.88B

The deal targets rogue antibodies directly instead of broadly suppressing the immune system, a shift from how most autoimmune drugs work today.

• Eli Lilly agreed to acquire privately held Merida Biosciences for up to $2.88 billion in cash, including an upfront payment and milestone-based payouts.
• Merida develops precision therapeutics that selectively target and deplete disease-causing antibodies, rather than broadly suppressing the immune system like most current treatments.
• Its lead candidate MER511 is a Phase 1 treatment for Graves' disease and thyroid eye disease, showing substantial reductions in thyroid-stimulating antibodies with a favorable early safety profile.
• Merida's pipeline also includes MER769, an early-stage antibody for food allergy, asthma and other allergic conditions, plus programs for kidney and other immune-mediated diseases.
• Merida exited stealth last year with $121 million in funding, betting that eliminating pathogenic antibodies could treat autoimmune disease at its root cause rather than its symptoms.
• The deal is Lilly's 13th acquisition of 2026 and follows a $3.8 billion deal for AtaiBeckley last month, as the company redirects weight-loss drug profits into building an immunology franchise beyond obesity and diabetes.
• The acquisition signals Lilly's push to diversify its pipeline well beyond its blockbuster obesity and diabetes franchises before that growth engine matures.