Lilly to acquire Merida Biosciences for up to $2.9B, entering Graves' disease
Illustration (decorative, not data).Summary
Merida's approach is to bind pathogenic autoantibodies directly and tag them for clearance, rather than broadly suppressing the immune system. Lead molecule MER511 targets Graves' disease and entered Phase 1 in late 2025, in combination with antithyroid drugs; Lilly also named thyroid eye disease. Merida was founded only in April 2025 with a $121 million Series A and was acquired a little over a year later. According to BioPharma Dive, this is Lilly's 12th company acquisition of 2026 and its 3rd in immunology (after Ventyx and Orna). If the precise “clear only the pathogenic antibodies” strategy holds up, it could avoid the side effects of FcRn inhibitors, which lower all IgG.
Deal terms, as disclosed
Upfront undisclosed, milestones included; expected to close by end of 2026.
Summary of public disclosures, not investment advice. Amounts are as announced; milestone payments are contingent and may never be paid.
Related same deal type
Asset owners and investors: write to bd@inlightbio.com. Newsletter and report questions: contact@inlightbio.com.