Eli Lilly agreed to buy Merida Biosciences for up to about $2.875 billion, extending Lilly’s acquisition streak and expanding its immunology pipeline beyond obesity-focused offerings. Merida’s platform is built around engineered Fc biologics designed to bind and eliminate pathogenic autoantibodies rather than broadly suppressing immune function. The deal centers on Merida’s lead program, MER511, an Fc fusion designed to neutralize and drive clearance of anti-TSHR autoantibodies implicated in Graves’ disease and thyroid eye disease (TED). Lilly said it plans to leverage existing Phase 1 NEXUS trial plans and expects MER511’s targeted mechanism to translate into differentiated efficacy and safety. Lilly framed the acquisition as further diversification for its pipeline, while Merida’s approach positions it for a series of antibody-driven autoimmune indications where immunologic precision is a key differentiator.