Deal-Side Perspective: Why Is Eli Lilly Going All-In on Business Development (Part I)? Deconstructing 70+ Deals from 2023–2026

Meanwhile, Lilly’s external innovation extends well beyond M&A. As of August 31, 2026, Lilly has completed approximately 57 license-and-collaboration deals—3 in 2023, 13 in 2024, 21 in 2025, and 20 through the end of August 2026—demonstrating a clear upward trend in external collaboration frequency. From an overall transaction-strategy perspective, Lilly’s BD has evolved into a clearly defined, multi-layered external innovation system: 'M&A + Licensing + Platform Collaboration.' It acquires strategically valuable companies and mature assets via M&A; rapidly bolsters its clinical-stage pipeline through in-licensing; and secures early footholds in cutting-edge technologies—including AI-driven drug discovery, antibody development, RNA therapeutics, gene editing, delivery platforms, and peptides—via early-stage platform collaborations. By therapeutic area (TA), Cardiometabolic Health, Oncology, Immunology, and Neuroscience remain Lilly’s core strategic pillars—constituting the primary drivers of future growth—while Infectious Disease, Ophthalmology, and Otolaryngology are in accelerated entry and early-stage positioning phases. More notably, Lilly’s BD logic is undergoing a fundamental shift: historically driven by 'what assets are missing,' it now increasingly emphasizes sustained expansion of external innovation sources within core TAs—and proactively locking in potential growth assets across different development stages. Thus, understanding Lilly’s future growth trajectory requires not only examining its current portfolio but also analyzing—over recent years—what it has acquired, why, and at what stage: via M&A, licensing, or platform collaboration. The full analysis is organized by therapeutic area (TA): first covering the four core TAs (Cardiometabolic Health, Oncology, Immunology, Neuroscience); then exploring emerging frontier areas (Infectious Disease, Ophthalmology, Otolaryngology, Respiratory); and finally summarizing early-stage platform collaborations and cross-TA structural shifts. From products to mechanisms, from mechanisms to modalities, and from modalities to platforms—Lilly’s external innovation is progressively moving upstream along the value chain. Its BD strategy has evolved from a reactive, 'fill-the-gap' pipeline supplementation model to a systematic external innovation framework centered on 'buying mechanisms, buying platforms, and buying time windows': M&A for companies and mature assets; licensing for clinical-stage candidates; and platform collaborations for next-generation technology positioning. I. Cardiometabolic Health (CMH): The Most Critical Strategic Stronghold Cardiometabolic health remains the therapeutic area with the highest number of Lilly-approved drugs to date. Lilly initially built its industry foundation on insulin. As the market became increasingly saturated, it gradually expanded into non-insulin antidiabetics, incretin-based therapies, and broader cardiometabolic diseases. What truly propelled Lilly’s CMH franchise into a new era was tirzepatide (Mounjaro + Zepbound).

Weekly Global Regulatory Approvals, Licensing & Partnerships, M&A, Clinical Updates, and Financial Performance of Top International Pharma Companies — September 6, 2026

• AstraZeneca: On September 1, AstraZeneca announced an exclusive licensing agreement with Dizal Pharmaceutical Co., Ltd. for Zegfrovy (sunvozertinib), an oral, irreversible epidermal growth factor receptor (EGFR) inhibitor for lung cancer patients. AstraZeneca secured global rights to develop and commercialize Zegfrovy. Zegfrovy is already approved in the U.S. and China for second-line treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) harboring EGFR exon 20 insertion mutations. The U.S. FDA has accepted AstraZeneca’s supplemental New Drug Application (sNDA) for first-line use, supported by positive Phase III WU-KONG28 trial results. AstraZeneca will pay Dizal an upfront payment of $600 million, plus up to $900 million in milestone payments tied to development, regulatory, and sales targets. Additionally, Dizal will receive tiered royalties on global net sales. M&A Activity: • AbbVie: On September 3, AbbVie announced the completion of its acquisition of Apogee Therapeutics, Inc. Apogee shareholders received $135.11 per share in cash, representing a total equity value of approximately $10.9 billion. Apogee’s pipeline includes novel antibodies targeting multiple validated inflammatory pathways, with applications in large immunology and inflammation markets—including atopic dermatitis (AD), asthma, and chronic obstructive pulmonary disease (COPD). Zumilokibart, an IL-13-targeting antibody, inhibits a key cytokine in type 2 inflammation and a central pathogenic driver in AD and asthma. In Phase II trials, zumilokibart delivered clinically meaningful outcomes: approximately two-thirds of treated patients achieved significant skin clearance at Week 16, alongside marked improvements in pruritus relief and overall disease control. Long-term data support maintenance dosing as infrequently as once quarterly or even annually. Beyond zumilokibart, Apogee’s pipeline includes other novel antibodies. APG273 combines zumilokibart with APG333—a TSLP (thymic stromal lymphopoietin)-blocking antibody. TSLP is a signaling protein acting as an early trigger of lung inflammation. Phase I data show APG333 has an extended half-life, suppressing type 2 inflammatory biomarkers for up to six months post-dose. Positive interim results from APG333’s Phase Ib study in asthma—alongside APG333’s Phase I data—support the potential for APG273 combination therapy to enable quarterly or annual dosing in asthma. • Eli Lilly: On August 31, Lilly and Merida Biosciences, Inc.—a biotech company focused on developing therapeutics for autoimmune and allergic diseases—announced a definitive agreement to acquire Merida. Merida develops biologics designed to selectively degrade pathogenic autoantibodies.

Metis TechBio inks up to $1.1 billion deal with Eli Lilly for drug delivery tech

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Hong Kong-listed Metis TechBio signed a collaboration agreement with Eli Lilly worth up to $1.1 billion for the R&D of tissue-specific drug delivery technologies.

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