Eli Lilly and Company has agreed to acquire privately held Merida Biosciences for up to $2.875 billion in cash, adding a precision immunology platform designed to degrade pathogenic autoantibodies rather than broadly suppress the immune system. Merida's lead program is in early-stage development for Graves' disease and thyroid eye disease, with further work in allergic and other immune-mediated conditions, so any differentiated clinical benefit will take time to establish. CEO David Ricks told CNBC the deal fits Lilly's long-term strategy of investing in technologies that can change other diseases as the company has changed obesity, and said Lilly has completed more acquisitions in 2026 than in all of the prior year while deploying its obesity-drug windfall. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary conditions, and extends a busy deal year that has included a roughly $2.8 billion agreement for AtaiBeckley plus multiple vaccine and biotech purchases. Separately, Ricks said employer moves such as PepsiCo's reported decision to drop GLP-1 coverage have been about neutral for Lilly overall, arguing companies already pay for obesity through higher heart, diabetes and related costs. Lilly also reported that combining inflammation treatment Taltz with weight-loss drug Zepbound delivered lasting skin-clearance and weight-loss benefits in obese patients with psoriasis or psoriatic arthritis.