Eli Lilly and Company has acquired Merida Biosciences for $2.9 billion, a cash transaction that adds a novel platform for treating autoimmune and allergic diseases to the pharmaceutical giant’s portfolio. The deal, announced today, brings Merida’s Cambridge, Massachusetts-based operations under Lilly’s control, with the biotech’s lead program targeting Graves’ disease, a thyroid condition caused by pathogenic antibodies.
Merida Biosciences, publicly launched in April 2025, focuses on precision therapeutics designed to selectively and durably eliminate the harmful antibodies that drive disease. Its approach differs from conventional immunosuppressants, which broadly dampen the immune system, by aiming to clear only the specific antibodies responsible for conditions like Graves’ disease. The company’s pipeline extends beyond this lead indication, covering multiple autoimmune and allergic disorders that currently lack adequate treatment options.
For Lilly, the acquisition bolsters its immunology franchise with a technology that could complement its existing portfolio of antibody-based medicines. The strategic rationale centers on addressing the root cause of autoimmune diseases rather than managing symptoms, a shift that could offer more durable treatment outcomes for patients. Merida’s platform also provides a foundation for expanding into other antibody-driven conditions, giving Lilly a versatile tool for future drug development.
The transaction is expected to close in the coming months, subject to regulatory approvals. Once completed, Merida’s team and research programs will integrate into Lilly’s broader research and development structure. The combined entity will focus on advancing the Graves’ disease program through clinical trials while exploring additional applications for the platform, with the goal of bringing first-in-class therapies to patients with limited current options.