Eli Lilly agreed to acquire Merida Biosciences for up to $2.88 billion, extending the company’s deal-driven strategy to build out immunology capabilities. The acquisition gives Lilly MER511, an Fc therapeutic designed to bind anti-TSHR autoantibodies implicated in Graves’ disease and thyroid eye disease. Merida’s approach is based on Fc regions engineered to target pathogenic autoantibodies for internalization and lysosomal degradation in liver sinusoidal endothelial cells. Lilly expects to advance the asset through clinical development while using the purchase to diversify beyond its core metabolic franchises. The transaction follows Lilly’s other 2026 immunology and platform-focused acquisitions and arrives as investors watch whether selective autoantibody targeting can translate into durable clinical benefit in autoimmune disease subtypes with limited mechanistic options.