Pharma BD Deal Intelligence
Eli Lilly agreed to acquire Merida Biosciences, a privately held biotech developing engineered biologics that selectively degrade pathogenic autoantibodies, for up to approximately $2.875 billion in cash inclusive of an upfront payment and contingent milestone payments; the split between upfront and milestones was not disclosed. Merida's approach targets the underlying driver of antibody-mediated disease rather than broadly suppressing the immune system. Lead candidate MER511 is in early-stage (Phase 1) development for thyroid eye disease and Graves' disease. The transaction is subject to customary closing conditions including regulatory approvals and is expected to close in the fourth quarter of 2026. The deal continues Lilly's near-monthly acquisition cadence, with immunology a repeated target area.