Eli Lilly said on Tuesday it has agreed to buy three vaccine developers—Curevo Inc., LimmaTech Biologics AG, and Vaccine Company, Inc.—in transactions worth up to $3.8 billion combined, marking a sharper push into infectious disease prevention.
The company said the acquisitions are meant to expand its research and development efforts in an area it had largely stepped back from in recent years while it focused on other pipelines.
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Eli Lilly $LLY has spent over $20B on M&A this year
— Exec Sum (@exec_sum) May 27, 2026
Since April, Lilly announced deals to acquire sleep drugmaker Centessa Pharmaceuticals for $7.8B and cancer drug developer Kelonia Therapeutics for up to $7B in two of its biggest deals ever
Just yesterday, Lilly agreed to… pic.twitter.com/Jrud3KAM5Y
Three vaccine bets
Lilly’s infectious-disease strategy centers on three different programs.
Curevo’s lead candidate, amezosvatein, is an adult shingles vaccine. The company said the asset showed a similar immune response to the current standard of care in a Phase 2 study while cutting several side effects by more than half.
LimmaTech’s lead program, LTB-SA7, is in Phase 1 development as a vaccine against Staphylococcus aureus, a major cause of surgical-site infection.
Vaccine Company is working on an Epstein-Barr virus vaccine, with Lilly describing its lead candidate as a five-antigen, Phase 1-ready program.
We’re proud to celebrate the acquisition of CrossBridge Bio by Eli Lilly, a milestone showcasing the power of academic discovery, collaboration, and innovation across Houston. Congrats to Dr. Zhiqiang An, Dr. Kyoji Tsuchikama, and everyone who helped bring this work to life. pic.twitter.com/cGjR8c2E6g
— UTHealth Houston (@UTHealthHouston) May 26, 2026
A firmer case for prevention
“These acquisitions reflect a deliberate strategy to prevent disease at its source rather than treat its consequences,” Daniel Skovronsky, Lilly’s chief scientific and product officer, said.
The company’s latest spending also comes against the backdrop of a broader acquisition spree fueled by strong demand for its obesity drugs.
At least two analysts told Reuters the deal-making also followed Lilly’s hiring of former US FDA official Peter Marks in October to lead infectious disease, a move they said signaled the company’s intention to become a vaccine innovator.
One analyst, Shams Afzal of Carnegie Investment Counsel, said, “The bite-sized price tag in the overall scheme of things certainly helps,” referring to the combined value of the transactions.
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Billions at stake, pending regulatory clearance
Under the terms disclosed by Lilly, Curevo shareholders could receive up to $1.5 billion in cash, LimmaTech could fetch up to $780 million, and Vaccine Company could be worth up to $1.55 billion, each including upfront and potential milestone-linked payments.
Lilly said the deals remain subject to customary closing conditions, including expiration of the waiting period under the US Hart-Scott-Rodino Antitrust Improvements Act.
Once closed, the transactions will be reflected in Lilly’s financial results and guidance under GAAP, the company said.
