Eli Lilly Acquires Dermira for $1.1 Billion

Eli Lilly to Acquire Merida Biosciences

August 31, 2026

Biotechnology

Eli Lilly and Company has agreed to acquire Merida Biosciences for up to $2.875 billion in cash, including an upfront payment and contingent milestone payments. The acquisition is intended to expand Lilly’s precision immunology platform for selectively targeting disease-causing antibodies across autoimmune and allergic conditions, including Graves’ disease and thyroid eye disease.

Eli Lilly to Acquire Vaccine Company for Up to $1.55 Billion

May 27, 2026

Biotechnology

Vaccine Company, Inc. announced it has entered into a definitive agreement to be acquired by Eli Lilly and Company in a deal valued at up to $1.55 billion, including upfront and milestone-based payments. The acquisition is intended to accelerate development of Vaccine Company’s next-generation in vivo nanoparticle (IVN) vaccine platform, led by a Phase 1-ready Epstein-Barr virus (EBV) vaccine candidate targeting infectious mononucleosis and longer-term EBV-linked diseases.

Eli Lilly Acquires Curevo (Shingles) and LimmaTech Biologics (Bacterial Vaccines)

May 26, 2026

Pharmaceuticals

Eli Lilly entered definitive agreements to acquire Curevo Vaccine and LimmaTech Biologics as part of a broader expansion of its infectious disease R&D platform. Lilly will acquire Curevo for up to $1.5 billion and LimmaTech Biologics for up to $780 million, with upfront and additional milestone-based payments.

Eli Lilly Acquires Adverum Biotechnologies

December 9, 2025

Biotechnology

Eli Lilly and Company agreed to acquire Adverum Biotechnologies in a cash-and-contingent-value-rights tender offer for all outstanding shares. The total consideration is $3.56 per share in cash at closing plus a CVR that could pay up to $8.91 per share upon achievement of specified milestones, with the transaction expected to close in the fourth quarter of 2025.

Eli Lilly Acquires DICE Therapeutics

June 20, 2023

Biotechnology

Eli Lilly agreed to acquire DICE Therapeutics for $48 per share (approximately $2.4 billion) in an all-cash tender offer to bolster Lilly's immunology pipeline and leverage DICE's DELSCAPE small-molecule discovery platform and oral IL-17 inhibitor programs. The transaction, approved by both boards, is expected to close in Q3 2023 subject to customary conditions and antitrust clearance.

NovaBay Pharmaceuticals Acquires DERMAdoctor

September 28, 2021

Consumer Products

NovaBay Pharmaceuticals, Inc. has entered into a definitive agreement to acquire DERMAdoctor, LLC for $15.0 million ( $12.0 million cash at closing plus up to $3.0 million in earnouts). The deal brings DERMAdoctor's ~30-product skincare portfolio and its 13-person team (co-founders Audrey and Jeff Kunin to remain) into NovaBay's commercial platform to expand its presence in the U.S. beauty market and capture revenue and operating synergies.