On August 31, 2026, Eli Lilly and Merida Biosciences (“Merida’) announced that they have entered into a definitive agreement for Lilly to acquire Merida. Under the terms of the agreement, Eli Lilly will pay up to $2.875 billion in cash, inclusive of an upfront payment and contingent milestone payments, with closing expected in Q4 2026 subject to regulatory approval.
Merida is a biotechnology company that has developed an antibody-engineering platform designed to selectively degrade the specific pathogenic autoantibodies driving autoimmune and allergic diseases, a more targeted approach than conventional broad immunosuppression. Its lead program, MER511, is in Phase 1 development for Graves’ disease and thyroid eye disease, with earlier-stage programs in food allergy, asthma, and kidney disease also in the pipeline.
Goodwin’s Life Sciences team advised Merida Biosciences on the transaction.