Eli Lilly agreed to acquire Merida Biosciences for up to about $2.875 billion, adding a precision approach for autoimmune disease that targets disease-driving autoantibodies rather than broad immune suppression. Merida’s lead asset, MER511, is in phase 1 development for Graves’ disease and thyroid eye disease. MER511 is engineered to bind and neutralize anti-TSHR autoantibodies, leveraging Fc-mediated clearance in liver sinusoidal endothelial cells while inhibiting antigen-specific B-cell function. Lilly said it plans to use the acquisition to broaden its pipeline beyond obesity, and Merida’s development plan includes the NEXUS phase 1 trial to establish safety, tolerability, pharmacokinetics/pharmacodynamics, and immunogenicity. The deal adds to a heavy Lilly acquisition cadence in 2026 and reinforces continued buyer appetite for targeted immunology franchises with defined mechanisms.