Eli Lilly agreed to acquire Merida Biosciences for up to $2.88 billion in cash, a move aimed at diversifying its pipeline into autoimmune diseases. The deal, expected to close in Q4 2026, will help Lilly reduce its reliance on its highly successful weight-loss and diabetes drugs like Mounjaro and Zepbound. Merida Biosciences specializes in drugs that target specific autoantibodies, with its lead candidate MER511 in early testing for Graves' disease and thyroid eye disease.