Lilly to buy three vaccine developers for nearly US$4 billion in infectious disease push

A view of the New York Stock Exchange (NYSE) after Eli Lilly and Company rings the opening bell in New York on May 11, 2026. (Photo by ANGELA WEISS / AFP via Getty Images)

Eli Lilly said on Tuesday it will buy three vaccine developers in deals worth up to US$3.8 billion in combined value, signaling its push into infectious disease prevention.

The U.S. drugmaker said it had agreed to acquire Curevo, LimmaTech Biologics and Vaccine Company.

Lilly has been on an acquisition spree, boosted by cash from the booming demand for its obesity drugs. Its deal spending in 2026 has outpaced that in the prior years.

The deals mark Lilly’s renewed move into the infectious disease space, which was largely sidelined in recent years as the company focused on expanding its other pipelines.

“These acquisitions reflect a deliberate strategy to prevent disease at its source rather than treat its consequences,” said Daniel Skovronsky, Lilly’s chief scientific and product officer.

Citi analyst Geoffrey Meacham said the focus of each of the vaccine developers highlights viral pathogens linked to long-term neurological and oncology risks, which are in-line with Lilly’s existing interests.

‘Bite-sized price tag’

At least two analysts said the acquisitions come after former U.S. FDA official Peter Marks was hired in October as the head of infectious disease, and signal Lilly’s intent to be a vaccine innovator.

“The bite-sized price tag in the overall scheme of things certainly helps,” said Shams Afzal, managing director at Carnegie Investment Counsel, referring to the combined value of the deals.

Lilly said Curevo shareholders could receive up to US$1.5 billion in cash, inclusive of an upfront payment, and a subsequent payment on achieving specified milestones. Curevo is developing amezosvatein, a shingles vaccine.

LimmaTech will be acquired for up to US$780 million in cash, inclusive of an upfront payment and additional potential payments. Its lead program, LTB-SA7, is in early-stage development as a vaccine against S. aureus, a leading cause of surgical-site infection.

Lilly agreed to pay up to US$1.55 billion for Vaccine Company, which is developing a vaccine against the Epstein-Barr virus, a very common and highly contagious infection.

The Wall Street Journal reported the deals earlier on Tuesday.

(Reporting by Sriparna Roy in Bengaluru; Editing by Shinjini Ganguli)