Eli Lilly
$50.1B at risk · $21.6B on deals
Oncology
Immunology
Cardiometabolic
Neuroscience
Since 2023, the 17 drugmakers tracked here have closed 59 acquisitions of $1B or more, worth $323.4B. The largest was Pfizer's purchase of Seagen for $43.0B. Only 10 of the 65 deals brought a product that was already approved at closing.
Counted deals only. 2026 runs to Sep 2026.
| Buyer | Company bought | Area | What it brought | At closing | ||
|---|---|---|---|---|---|---|
| Sep 2026 | Eli Lilly | AtaiBeckleyLilly, 2026 · Lilly, September 2026 | $2.8B | Neuroscience | Fast-acting psychedelic-derived treatments for treatment-resistant depressionPlus a CVR worth up to $1.0B. | Pipeline only |
| Sep 2026 | AbbVie | Apogee TherapeuticsAbbVie, June 2026 · AbbVie, September 2026 | $10.9B | Immunology | Zumilokibart, a long-acting IL-13 antibody for atopic dermatitis, and asthma programs | Pipeline only |
| Sep 2026 | Vertex | Crinetics PharmaceuticalsVertex, July 2026 · Vertex, September 2026 | $10.0B | Other | Palsonify for acromegaly, a hormone disorder, plus other endocrine drugs in development | Approved product |
| Jul 2026 | J&J | Firefly BioJ&J, July 2026 | $1.0B | Oncology | An early platform for degrader-antibody conjugates in solid tumors | Pipeline only |
| Jul 2026 | Incyte | Vega TherapeuticsIncyte 10-Q, Q2 2026 | $1.25B | Other | Latarcibart, a Phase 3 antibody for von Willebrand disease, a bleeding disorderA Star Therapeutics subsidiary; up to $0.75B more in sales milestones. | Pipeline only |
| Jul 2026 | Novartis | Myricx BioNovartis, 2026 · Novartis Q2 2026 report | $1.1B | Oncology | Early antibody-drug conjugates with a new type of payloadUpfront payment; up to $0.4B more in milestones. | Pipeline only |
| Jul 2026 | Eli Lilly | Curevo, LimmaTech and Vaccine CompanyLilly, May 2026 · Lilly 10-Q, Q2 2026 | Up to $3.83BNot counted | Infectious disease | Vaccines in development, including amezosvatein for shinglesThree companies; Lilly gave one combined figure. | Pipeline only |
| Jun 2026 | Eli Lilly | Kelonia TherapeuticsLilly, April 2026 · Lilly 10-Q, Q2 2026 | $3.25B | Oncology | KLN-1010, an in vivo CAR-T therapy for multiple myelomaUpfront payment; up to $3.75B more in milestones. | Pipeline only |
| Jun 2026 | Eli Lilly | Centessa PharmaceuticalsLilly, March 2026 · Lilly, June 2026 | $6.3B | Neuroscience | ORX750 and other orexin agonists for narcolepsy and other sleep disordersPlus a CVR worth up to $1.5B. | Pipeline only |
| Jun 2026 | Eli Lilly | Ajax TherapeuticsLilly, April 2026 | Up to $2.3BNot counted | Oncology | AJ1-11095, an oral JAK2 inhibitor in early trials for myelofibrosis | Pipeline only |
| May 2026 | Novartis | Pikavation TherapeuticsNovartis, March 2026 | $2.0B | Oncology | SNV4818, a PI3Kα inhibitor in early trials for breast cancerUpfront payment; up to $1.0B more in milestones. | Pipeline only |
| May 2026 | Gilead | TubulisGilead, May 2026 | $3.15B | Oncology | TUB-040, an antibody-drug conjugate in early trials for ovarian cancerUpfront payment; up to $1.85B more in milestones. | Pipeline only |
| May 2026 | Merck | Terns PharmaceuticalsMerck, May 2026 | $6.7B | Oncology | TERN-701, an oral drug for chronic myeloid leukemia | Pipeline only |
| May 2026 | Eli Lilly | Orna TherapeuticsLilly, February 2026 | Up to $2.4BNot counted | Immunology | ORN-252, an in vivo CAR-T therapy for autoimmune diseases | Pipeline only |
| Apr 2026 | Gilead | ArcellxGilead, April 2026 | $7.8B | Oncology | Full ownership of anito-cel, a CAR-T therapy for multiple myeloma it already co-developedGilead's reported value, including a CVR of $5 per share. | Pipeline only |
| Mar 2026 | Eli Lilly | Ventyx BiosciencesLilly, January 2026 · Lilly 10-Q, Q2 2026 | $1.2B | Immunology | Oral NLRP3 inhibitors for inflammatory diseases | Pipeline only |
| Feb 2026 | Novartis | Avidity BiosciencesNovartis, October 2025 · Novartis, February 2026 | $12.0B | Neuroscience | Late-stage RNA drugs for neuromuscular diseases, including myotonic dystrophy | Pipeline only |
| Feb 2026 | Sanofi | Dynavax TechnologiesSanofi, December 2025 · Sanofi, February 2026 | $2.2B | Vaccines | Heplisav-B, an adult hepatitis B vaccine, and a shingles vaccine in early trials | Approved product |
| Jan 2026 | Merck | Cidara TherapeuticsMerck, January 2026 | $9.2B | Infectious disease | CD388, a long-acting antiviral to prevent flu in people at higher risk | Pipeline only |
| Dec 2025 | J&J | Halda TherapeuticsJ&J, December 2025 | $3.05B | Oncology | HLD-0915, an oral prostate cancer drug in clinical trials | Pipeline only |
| Dec 2025 | Novo Nordisk | Akero TherapeuticsNovo Nordisk 6-K, October 2025 · Akero, December 2025 | $4.7B | Cardiometabolic | Efruxifermin, a Phase 3 drug for MASH, a fatty liver diseasePlus a CVR worth up to $0.5B. | Pipeline only |
| Dec 2025 | Sanofi | VicebioSanofi, December 2025 · PharmExec, July 2025 | $1.15B | Vaccines | An early combination vaccine for RSV and human metapneumovirusUpfront payment; up to $0.45B more in milestones. | Pipeline only |
| Dec 2025 | BMS | Orbital TherapeuticsBMS, October 2025 · BMS 10-K 2025 | $1.5B | Immunology | OTX-201, an early in vivo CAR-T therapy for autoimmune disease | Pipeline only |
| Nov 2025 | Pfizer | MetseraPfizer 10-Q, Q2 2026 | $8.0B | Cardiometabolic | Injectable and oral obesity drugs in clinical trialsPfizer's reported value, including $0.6B for CVRs that could pay up to $2.3B. | Pipeline only |
| Oct 2025 | Roche | 89bioRoche, September 2025 · Roche, October 2025 | $2.4B | Cardiometabolic | Pegozafermin, a Phase 3 drug for MASH, a fatty liver diseasePlus a CVR worth up to $1.1B. | Pipeline only |
| Oct 2025 | Novartis | Tourmaline BioNovartis, October 2025 · Novartis Q2 2026 report | $1.4B | Cardiometabolic | Pacibekitug, an IL-6 antibody in development for atherosclerotic cardiovascular disease | Pipeline only |
| Oct 2025 | Merck | Verona PharmaMerck, October 2025 | $10.0B | Other | Ohtuvayre, an inhaled COPD maintenance treatment approved in 2024 | Approved product |
| Aug 2025 | AbbVie | Capstan TherapeuticsAbbVie, June 2025 · AbbVie 10-K 2025 | $2.1B | Immunology | CPTX2309, an early in vivo CAR-T therapy for autoimmune disease | Pipeline only |
| Jul 2025 | Eli Lilly | Verve TherapeuticsLilly, July 2025 | $1.0B | Cardiometabolic | One-time gene-editing treatments to lower cholesterolPlus a CVR worth up to $0.3B. | Pipeline only |
| Jul 2025 | Sanofi | Blueprint MedicinesSanofi, June 2025 · Sanofi, July 2025 | $9.1B | Immunology | Ayvakit, the only approved drug for systemic mastocytosis, plus immunology pipeline drugs | Approved product |
| Jul 2025 | Eli Lilly | SiteOne TherapeuticsLilly, May 2025 | Up to $1.0BNot counted | Neuroscience | STC-004, a non-opioid pain drug in development | Pipeline only |
| Apr 2025 | J&J | Intra-Cellular TherapiesJ&J, April 2025 | $14.6B | Neuroscience | Caplyta, approved for schizophrenia and bipolar depression | Approved product |
| Mar 2025 | Eli Lilly | Scorpion TherapeuticsLilly, January 2025 | Up to $2.5BNot counted | Oncology | STX-478, a PI3Kα inhibitor in early trials for breast cancer | Pipeline only |
| Jan 2025 | Roche | Poseida TherapeuticsRoche, November 2024 · Roche Finance Report 2025 | $1.0B | Oncology | Off-the-shelf CAR-T therapies for blood cancers and autoimmune diseasePlus a CVR worth up to $0.5B. | Pipeline only |
| Dec 2024 | AbbVie | Aliada TherapeuticsAbbVie, October 2024 | $1.4B | Neuroscience | ALIA-1758, an early antibody for Alzheimer's disease | Pipeline only |
| Aug 2024 | AbbVie | Cerevel TherapeuticsAbbVie, December 2023 · AbbVie, August 2024 | $8.7B | Neuroscience | Tavapadon for Parkinson's disease (Phase 3) and emraclidine for schizophrenia | Pipeline only |
| Jul 2024 | Merck | EyeBioMerck, May 2024 · Merck, July 2024 | $1.3B | Other | Restoret (MK-3000), an antibody for diabetic macular edema and wet AMDUpfront payment; up to $1.7B more in milestones. | Pipeline only |
| Jul 2024 | J&J | Yellow Jersey TherapeuticsJ&J, July 2024 | $1.25B | Immunology | NM26, a bispecific antibody for atopic dermatitis | Pipeline only |
| Jul 2024 | Eli Lilly | MorphicLilly, July 2024 · Lilly 10-K 2025 | $3.2B | Immunology | MORF-057, an oral drug in Phase 2 for ulcerative colitis and Crohn's disease | Pipeline only |
| Jun 2024 | AstraZeneca | Fusion PharmaceuticalsFusion 8-K, June 2024 | $2.0B | Oncology | Radioconjugate cancer drugs, led by FPI-2265 for prostate cancerPlus a CVR worth up to $0.4B. | Pipeline only |
| May 2024 | Sanofi | InhibrxSanofi, May 2024 | $1.7B | Other | SAR447537, a treatment in development for alpha-1 antitrypsin deficiencyPlus a CVR of $5 per share. | Pipeline only |
| May 2024 | Novartis | MorphoSysNovartis, February 2024 · Novartis, May 2024 | $2.9B | Oncology | Pelabresib, a late-stage drug for myelofibrosis, and tulmimetostatAnnounced as €2.7B; converted at the February 2024 exchange rate. | Pipeline only |
| May 2024 | Vertex | Alpine Immune SciencesAlpine, April 2024 · Vertex, 2024 | $4.9B | Other | Povetacicept, a drug for IgA nephropathy, a kidney disease | Pipeline only |
| May 2024 | Novartis | Mariana OncologyNovartis, May 2024 | $1.0B | Oncology | Early radioligand cancer therapies, led by MC-339 for small cell lung cancerUpfront payment; up to $0.75B more in milestones. | Pipeline only |
| Mar 2024 | Gilead | CymaBay TherapeuticsGilead, March 2024 | $4.3B | Other | Seladelpar (now Livdelzi) for the liver disease PBC, approved by the FDA in August 2024, after the deal closedGilead does not report Livdelzi sales separately. | Pipeline only |
| Mar 2024 | BMS | Karuna TherapeuticsBMS, March 2024 | $14.0B | Neuroscience | Cobenfy for schizophrenia, approved by the FDA in September 2024, after the deal closed | Pipeline only |
| Mar 2024 | J&J | Ambrx BiopharmaJ&J, March 2024 | $2.0B | Oncology | Antibody-drug conjugates, led by ARX517 for prostate cancerAbout $1.8B net of cash acquired. | Pipeline only |
| Feb 2024 | BMS | RayzeBioBMS, February 2024 | $4.1B | Oncology | RYZ101, a radiopharmaceutical in Phase 3 for neuroendocrine tumors | Pipeline only |
| Feb 2024 | AstraZeneca | Gracell BiotechnologiesAstraZeneca, February 2024 | $1.0B | Oncology | GC012F, a CAR-T cell therapy for multiple myeloma and autoimmune diseasePlus a CVR worth up to $0.2B. | Pipeline only |
| Feb 2024 | AbbVie | ImmunoGenAbbVie, November 2023 · AbbVie, February 2024 | $10.1B | Oncology | Elahere, an antibody-drug conjugate for ovarian cancer | Approved product |
| Jan 2024 | Roche | Carmot TherapeuticsRoche, December 2023 · Roche Finance Report 2024 | $2.7B | Cardiometabolic | Three obesity and diabetes drugs in clinical trialsUpfront payment; up to $0.4B more in milestones. | Pipeline only |
| Jan 2024 | BMS | Mirati TherapeuticsBMS, October 2023 · BMS, January 2024 | $4.8B | Oncology | Krazati, a lung cancer drug, plus early cancer programsPlus a CVR worth up to $1.0B. | Approved product |
| Dec 2023 | Pfizer | SeagenSeagen 8-K, December 2023 | $43.0B | Oncology | Four approved cancer drugs (Padcev, Adcetris, Tivdak, Tukysa) and an antibody-drug conjugate pipelineEnterprise value. | Approved product |
| Dec 2023 | Eli Lilly | POINT BiopharmaPOINT, October 2023 · Lilly 10-K 2025 | $1.4B | Oncology | Radioligand cancer therapies, led by PNT2002 for prostate cancer | Pipeline only |
| Dec 2023 | Roche | TelavantRoche, October 2023 · Roche Annual Report 2023 | $7.1B | Immunology | US and Japan rights to afimkibart (RVT-3101), an antibody for ulcerative colitis and Crohn's diseasePlus a near-term $0.15B milestone. | Pipeline only |
| Oct 2023 | Amgen | Horizon TherapeuticsAmgen, October 2023 | $27.8B | Other | Rare-disease drugs Tepezza (thyroid eye disease), Krystexxa (gout) and UpliznaAnnounced in December 2022. | Approved product |
| Aug 2023 | Eli Lilly | Versanis BioLilly, July 2023 · Lilly, August 2023 | Up to $1.93BNot counted | Cardiometabolic | Bimagrumab, an antibody in development for obesity | Pipeline only |
| Aug 2023 | Novartis | Chinook TherapeuticsNovartis, June 2023 · Novartis, August 2023 | $3.2B | Other | Atrasentan and zigakibart, two Phase 3 drugs for IgA nephropathy, a kidney diseasePlus a CVR worth up to $0.3B. | Pipeline only |
| Aug 2023 | Eli Lilly | DICE TherapeuticsDICE 8-K, June 2023 | $2.4B | Immunology | Oral IL-17 inhibitors in development for psoriasis and other immune diseases | Pipeline only |
| Jul 2023 | Astellas | Iveric BioAstellas, July 2023 | $5.9B | Other | Izervay for geographic atrophy, an eye disease, approved by the FDA in August 2023, after the deal closed | Pipeline only |
| Jun 2023 | Merck | Prometheus BiosciencesMerck, June 2023 | $10.8B | Immunology | Tulisokibart (MK-7240), an antibody for ulcerative colitis and Crohn's disease | Pipeline only |
| Apr 2023 | Sanofi | Provention BioProvention, March 2023 · Sanofi, April 2023 | $2.9B | Cardiometabolic | Tzield, which delays the onset of type 1 diabetes | Approved product |
| Feb 2023 | AstraZeneca | CinCor PharmaAstraZeneca, February 2023 | $1.3B | Cardiometabolic | Baxdrostat, a drug for hard-to-control high blood pressurePlus a CVR worth up to $0.5B. | Pipeline only |
| Feb 2023 | Takeda | Nimbus LakshmiTakeda, February 2023 | $4.0B | Immunology | Zasocitinib (TAK-279), an oral TYK2 inhibitor for psoriasis and other immune diseasesA Nimbus Therapeutics subsidiary; upfront payment, plus two $1B sales milestones. | Pipeline only |
| Jan 2023 | Merck | Imago BioSciencesMerck, January 2023 | $1.35B | Oncology | Bomedemstat, an oral drug for bone marrow cancers such as essential thrombocythemia | Pipeline only |
Whole-company acquisitions closed since January 2023 with a headline price of $1B or more. Values are the price the buyer announced, excluding milestone payments unless noted. Where a buyer disclosed only an "up to" price that includes milestones, the deal is listed but not counted. Licensing deals, MedTech and animal health are left out.
For each company: 2025 sales of tracked drugs losing US exclusivity by 2037, next to what it has spent on acquisitions since 2023, by therapeutic area. 11 of the 17 companies spent the most on deals outside the area where they have the most revenue at risk.
All panels share one scale. A deal's price is not revenue, so the two bars measure different things; they show where each company is losing and where it is buying, not how much of the gap is filled.