Lilly recently announced a definitive agreement to acquire biotechnology company Merida Biosciences for up to $2.875 billion. The transaction includes upfront payments and potential milestone payments and is expected to close in the fourth quarter of 2026.

Founded in 2022 and headquartered in the United States, Merida Biosciences completed a $121 million Series A funding round in 2025. The company is developing engineered biologics with a specific antigen at one end of its molecular structure that binds to pathogenic antibodies, and an engineered Fc fragment at the other end that mediates endocytosis and degradation by hepatocytes, thereby selectively clearing pathogenic autoantibodies while preserving normal immune function. This mechanism targets antibody-driven autoimmune diseases and allergic diseases.

Merida's first pipeline product, MER511, is currently in Phase I clinical trials for the treatment of Graves' disease and thyroid eye disease. Graves' disease is an autoimmune thyroid disorder affecting approximately 3 million people in the United States, and in severe cases, it can lead to vision loss. MER511 targets TSHR (thyroid-stimulating hormone receptor), and early clinical data have shown a reduction in harmful thyroid-stimulating antibodies and provided preliminary safety data.

In addition to MER511, Merida is also developing MER769, currently in the preclinical stage, targeting antibody-driven allergic diseases such as food allergies, asthma, and chronic spontaneous urticaria. The company also has an early-stage research program targeting immune-related kidney diseases. Through this transaction, Eli Lilly acquired a drug candidate in Phase I clinical trials and a platform technology that can be scaled to multiple antibody-driven diseases.

As of the end of August 2026, Eli Lilly has completed more than 10 biopharmaceutical acquisitions this year, covering multiple areas including inflammation, neuroscience, oncology, hematology, cell therapy, infectious diseases, and immunology. Other acquisitions include: the acquisition of Ventyx Biosciences for approximately $1.2 billion, acquiring its NLRP3 inhibitor pipeline; the acquisition of Centessa Pharmaceuticals for up to $7.8 billion, acquiring its OX2R agonist; and the acquisition of Orna Therapeutics for up to $2.4 billion, acquiring its circular RNA in vivo CAR-T technology platform, among others.

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