Eli Lilly agreed to acquire Merida Biosciences for up to about $2.875 billion, extending Lilly’s shift toward precision immunology that targets pathogenic autoantibodies rather than broadly suppressing immune function. Merida’s lead program, MER511, is designed to bind anti-TSHR autoantibodies driving Graves’ disease and thyroid eye disease. Lilly plans to bring Merida’s early clinical development forward, including ongoing work to support initial safety and pharmacology objectives for MER511. The acquisition adds a platform approach aimed at selective antibody elimination via Fc-mediated mechanisms in liver sinusoidal endothelial cells. The deal reinforces Lilly’s willingness to expand beyond obesity into autoimmune therapeutics with differentiated biology and longer-term disease-modifying potential.