Can LLY's Merida Deal Boost Its M&A Push to Diversify Beyond GLP-1s?

Eli Lilly announced its 10th acquisition of 2026, agreeing to acquire Merida Biosciences for up to $2.875 billion to strengthen its immunology pipeline. The company is strategically diversifying its portfolio across oncology, immunology, neuroscience, and vaccines to reduce reliance on GLP-1 medicines (Mounjaro and Zepbound), which currently account for 65% of revenues. Other major pharma companies including Merck, Gilead Sciences, and AbbVie are also pursuing significant M&A deals to expand pipelines and enter new therapeutic areas.