Eli Lilly said it is buying Merida Biosciences to add a precision immunology platform aimed at selectively eliminating pathogenic autoantibodies while preserving broader immune function. The acquisition includes Merida’s lead program, MER511, currently in phase 1 testing for Graves’ disease and thyroid eye disease. Lilly said the approach targets thyroid-stimulating antibodies by binding them for degradation, and it highlighted “initial phase 1 data” suggesting potential for improved efficacy and safety. The deal price was described as $2.8 billion in one report and $2.875 billion in another, including an up-front payment plus contingent milestones. Merida launched from stealth with a $121 million series A round co-led by Bain Capital Life Sciences, BVF Partners, and Third Rock Ventures. For the immunology landscape, Lilly’s move reflects continued appetite for targeted antibody-depletion technologies that differ from broad immune suppression—an area where differentiation and trial readouts are closely watched.