Eli Lilly moved further into precision immunology by signing to acquire Merida Biosciences in a deal valued at up to $2.875 billion. Merida’s approach centers on selectively targeting and eliminating pathogenic autoantibodies, aiming to reduce immune suppression relative to broader immunotherapies. Lilly’s acquisition is expected to close by year-end and includes milestones that could bring total consideration close to $2.9 billion. Merida’s lead program, MER511, is being studied in Graves disease, with Merida initially starting a Phase 1 safety and dosing trial alongside anti-thyroid medications. The transaction builds on Lilly’s 2026 acquisition cadence, positioning the company to deepen its pipeline in antibody-mediated autoimmune disease mechanisms rather than downstream symptom control.