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Eli Lilly and Co. to acquire Merida Biosciences for up to $2.875 billion in cash

Eli Lilly and Co. is purchasing Merida Biosciences, a Cambridge-based biotech company focused on serious autoimmune and allergic diseases. The Indianapolis-based pharmaceutical giant will pay up to $2.875 billion in cash, which includes an upfront payment and potential milestone payments. Merida Biosciences was launched in April 2025 and is currently developing its lead program, MER511, in Phase 1 development for Graves' disease and thyroid eye disease. Francisco Ramírez-Valle, senior vice president of Lilly immunology research and early clinical development, stated that initial Phase 1 data indicates potential for improved efficacy and safety. Adam Townsend, CEO of Merida Biosciences, said the acquisition provides the resources and commitment necessary to realize the potential for patients with immune-mediated conditions. This purchase marks the 16th acquisition by Eli Lilly and Co. since 2024. The company has purchased five Massachusetts companies so far in 2026, including Orna Therapeutics, Centessa Pharmaceuticals, Kelonia Therapeutics, and Ajax Therapeutics. Eli Lilly and Co. also expanded its Massachusetts presence, opening a new research and development center in Boston's Fort Point neighborhood in 2024. The company's local workforce in Massachusetts has grown from 540 employees in 2025 to over 1,400.

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