Eli Lilly agreed to acquire Merida Biosciences for up to $2.875 billion, adding a platform aimed at selectively degrading pathogenic autoantibodies rather than broadly suppressing immune function. The deal is expected to close by the end of the year and follows Lilly’s aggressive 2026 acquisition pace. Merida’s lead program, MER511, is an Fc fusion protein being developed in Graves’ disease and thyroid eye disease (TED). Lilly said the approach is designed to neutralize thyroid-stimulating immunoglobulins and drive autoantibody clearance through FcγRIIB-mediated degradation in liver sinusoidal endothelial cells. The company is preparing to advance MER511 after Phase 1 NEXUS (NCT07305818) data planning shared at ENDO2026, with the Phase 1 focus on safety, tolerability, PK/PD and immunogenicity. A second program, MER769, is preclinical for allergic disease, extending Lilly’s precision approach beyond thyroid autoimmunity.