Eli Lilly is using cash flow from tirzepatide products to drive a broad M&A campaign, with $25.1 billion in announced acquisitions across 10 deals during 2026. The largest transaction flagged is a planned $7.8 billion acquisition of Centessa Pharmaceuticals, expanding Lilly’s platform capabilities into areas beyond obesity. The strategy reflects investor focus on late-stage, de-risked assets and platform buildouts that can be scaled across multiple therapeutic areas, as Lilly accelerates its investment tempo alongside continuing GLP-1 franchise performance.