Lilly’s deal spree continues with Merida takeout: Deals Report

Eli Lilly remained an active player in biotech M&A Monday as it announced its thirteeth takeout, the acquisition of Cambridge, Mass.-based autoimmunity and allergy biotech Merida for an undisclosed amount in deal valued at up to $2.88 billion.

The deal gives Eli Lilly and Co. (NYSE:LLY) a Phase I Fc therapeutic, MER511, that binds anti-TSHR autoantibodies for Graves’ disease and thyroid eye disease (TED). Merida Biosciences Inc. engineers Fc regions to bind both “pathogenic” antibodies, like auto-antibodies, and FcγRIIB on liver sinusoidal endothelial cells, thereby targeting the pathogenic antibodies for internalization and lysosomal degradation in the liver cells. The four-year-old biotech raised a $121 million series A round in 2025, co-led by Bain Capital Life Sciences, BVF Partners, and Third Rock Ventures...