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Eli Lilly and Company

PharmaceuticalsFounded 1876
Reviewed by Swet Parvadiya
Company data updated: October 2026

Acquisitions

Eli Lilly Acquisitions

5

Major Deals Covered

$13.6B

Disclosed Deal Value

What are Eli Lilly's biggest acquisitions?

Eli Lilly's largest disclosed acquisition here is Loxo Oncology for $8B in 2019. This page covers 5 major deals from 1971 to 2024, each with its price where disclosed and the reason behind it.

Major deals covered
5
Largest deal
Loxo Oncology ($8B)
First deal
1971
Most recent
2024
CompanyYearPricePurpose
Loxo Oncology2019$8.0BLilly acquired Loxo Oncology in January 2019 for approximately $8 billion to acquire a precision oncology platform built around the concept of targeting specific genomic alterations in cancer regardless of tumor type. Loxo had pioneered the development of selective kinase inhibitors designed to minimize off-target effects while achieving exceptional on-target potency against genomically defined cancer populations. The acquisition was intended to accelerate Lilly's transformation into a precision medicine oncology leader at a time when the company recognized that undifferentiated cytotoxic chemotherapy partnerships were not a sustainable competitive strategy in oncology.
Morphic Holding2024$3.2BLilly acquired Morphic Holding in 2024 for approximately $3.2 billion to access the company's integrin inhibitor platform, which includes MORF-057, an oral small-molecule inhibitor of alpha-4-beta-7 integrin with potential in inflammatory bowel disease including Crohn's disease and ulcerative colitis. The inflammatory bowel disease market represents a high-value segment that Lilly had not previously addressed with differentiated proprietary assets, and Morphic's oral small-molecule approach offered a potential advantage over existing large-molecule biologics like vedolizumab that require infusion or injection. The acquisition reflected Lilly's strategy of using its strong balance sheet and cash generation to acquire late-stage development assets that can be accelerated through its global clinical and commercial infrastructure.
POINT Biopharma2023$1.4BLilly acquired POINT Biopharma Global Inc. in late 2023 for approximately $1.4 billion to acquire the company's radioligand therapy (RLT) platform and manufacturing infrastructure. Radioligand therapies, which combine tumor-targeting molecules with radioactive isotopes to deliver targeted radiation to cancer cells, represent a rapidly advancing area of oncology following the commercial success of Novartis's Lutathera and Pluvicto. The acquisition gave Lilly access to POINT's proprietary radiopharmaceutical manufacturing facilities, a specialized industrial capability that is scarce globally, as well as a pipeline of RLT candidates in clinical development for prostate cancer and other malignancies.
Prevail Therapeutics2021$1.0BLilly acquired Prevail Therapeutics in January 2021 for approximately $1.04 billion upfront plus contingent payments to access the company's gene therapy platform targeting neurological diseases, particularly Parkinson's disease and related alpha-synucleinopathies. Prevail's lead asset, PR001, is an AAV9-based gene therapy designed to deliver a functional copy of the GBA1 gene to neurons, targeting the subset of Parkinson's disease patients with GBA1 mutations who face faster disease progression. The acquisition represented Lilly's first significant investment in the gene therapy space and reflected the company's strategy of expanding its neuroscience portfolio beyond small molecules and antibodies.
Elizabeth Arden1971UndisclosedEli Lilly and Company acquired Elizabeth Arden in 1971.
What companies has Eli Lilly bought?
Major acquisitions by Eli Lilly documented here include Loxo Oncology (2019), Morphic Holding (2024), POINT Biopharma (2023), Prevail Therapeutics (2021) and Elizabeth Arden (1971).
What is Eli Lilly's most recent acquisition?
The most recent Eli Lilly acquisition documented here is Morphic Holding, in 2024, for $3.2B.

Morphic Holding

2024

$3.2B

Why

Lilly acquired Morphic Holding in 2024 for approximately $3.2 billion to access the company's integrin inhibitor platform, which includes MORF-057, an oral small-molecule inhibitor of alpha-4-beta-7 integrin with potential in inflammatory bowel disease including Crohn's disease and ulcerative colitis. The inflammatory bowel disease market represents a high-value segment that Lilly had not previously addressed with differentiated proprietary assets, and Morphic's oral small-molecule approach offered a potential advantage over existing large-molecule biologics like vedolizumab that require infusion or injection. The acquisition reflected Lilly's strategy of using its strong balance sheet and cash generation to acquire late-stage development assets that can be accelerated through its global clinical and commercial infrastructure.

Impact

The deal added an oral inflammatory bowel disease candidate to Lilly's immunology pipeline, complementing Omvoh, in a market led by injectable and infused biologics from AbbVie, Johnson & Johnson and Takeda.

Outcome

MORF-057 remains in clinical development; its commercial value depends on trial results.

Source →

POINT Biopharma

2023

$1.4B

Why

Lilly acquired POINT Biopharma Global Inc. in late 2023 for approximately $1.4 billion to acquire the company's radioligand therapy (RLT) platform and manufacturing infrastructure. Radioligand therapies, which combine tumor-targeting molecules with radioactive isotopes to deliver targeted radiation to cancer cells, represent a rapidly advancing area of oncology following the commercial success of Novartis's Lutathera and Pluvicto. The acquisition gave Lilly access to POINT's proprietary radiopharmaceutical manufacturing facilities, a specialized industrial capability that is scarce globally, as well as a pipeline of RLT candidates in clinical development for prostate cancer and other malignancies.

Impact

The POINT acquisition established Lilly as a serious participant in the radioligand therapy segment of oncology, which analysts consider one of the fastest-growing areas in cancer treatment. The manufacturing capabilities acquired through POINT give Lilly a production foundation that would take years and hundreds of millions of dollars to build from scratch, providing a potential competitive moat in a capital-intensive technology area. The acquisition also added pipeline candidates that complement Lilly's existing precision oncology portfolio.

Outcome

Lilly is advancing POINT's radioligand candidates through clinical development; commercial impact depends on trial outcomes.

Source →

Prevail Therapeutics

2021

$1.0B

Why

Lilly acquired Prevail Therapeutics in January 2021 for approximately $1.04 billion upfront plus contingent payments to access the company's gene therapy platform targeting neurological diseases, particularly Parkinson's disease and related alpha-synucleinopathies. Prevail's lead asset, PR001, is an AAV9-based gene therapy designed to deliver a functional copy of the GBA1 gene to neurons, targeting the subset of Parkinson's disease patients with GBA1 mutations who face faster disease progression. The acquisition represented Lilly's first significant investment in the gene therapy space and reflected the company's strategy of expanding its neuroscience portfolio beyond small molecules and antibodies.

Impact

The Prevail acquisition extended Lilly's neuroscience pipeline into gene therapy, a modality with potential for disease modification rather than symptomatic treatment, a meaningful distinction in neurodegenerative diseases where existing therapies primarily manage symptoms without altering disease progression. The acquisition signaled Lilly's commitment to the broader neuroscience space beyond Alzheimer's disease and contributed to building internal gene therapy development capabilities.

Outcome

PR001 has progressed through Phase 1/2 clinical evaluation. The development timeline for gene therapies is inherently longer than for small molecules, and the full commercial and clinical impact of the Prevail acquisition will depend on Phase 3 trial outcomes expected later in the decade. Lilly has continued to advance the GBA1 gene therapy program as part of its neuroscience investment thesis.

Source →

Loxo Oncology

2019

$8.0B

Why

Lilly acquired Loxo Oncology in January 2019 for approximately $8 billion to acquire a precision oncology platform built around the concept of targeting specific genomic alterations in cancer regardless of tumor type. Loxo had pioneered the development of selective kinase inhibitors designed to minimize off-target effects while achieving exceptional on-target potency against genomically defined cancer populations. The acquisition was intended to accelerate Lilly's transformation into a precision medicine oncology leader at a time when the company recognized that undifferentiated cytotoxic chemotherapy partnerships were not a sustainable competitive strategy in oncology.

Impact

The Loxo acquisition seeded Lilly's most productive oncology pipeline in company history, delivering selpercatinib (Retevmo) and pirtobrutinib (Jaypirca) as approved commercial products and establishing a precision oncology research culture that has continued to generate new candidates. The acquisition validated Lilly's business development capability and demonstrated the company's willingness to make large, thesis-driven bets on emerging scientific paradigms rather than incremental line extensions of existing franchises. It transformed perceptions of Lilly in the oncology community from a modest participant to a serious precision medicine competitor.

Outcome

Both selpercatinib and pirtobrutinib have achieved FDA approval and are generating growing revenues. Selpercatinib received approval for RET-altered non-small cell lung cancer, thyroid cancer, and other solid tumors; pirtobrutinib has been approved for mantle cell lymphoma and chronic lymphocytic leukemia. The Loxo platform continues to generate new investigational compounds, validating the original strategic thesis and the $8 billion price paid.

Source →

Elizabeth Arden

1971

Why

Eli Lilly and Company acquired Elizabeth Arden in 1971.

Source →

Eli Lilly and Company's Growth & Acquisition Strategy

Lilly's growth strategy has three parts: expand incretin supply and indications, add oral and next-generation obesity medicines, and diversify through oncology, immunology, neuroscience and genetic medicine. Foundayo (orforglipron) was approved by the FDA on April 1, 2026 and launched through LillyDirect, telehealth and U.S. retail pharmacies. Retatrutide, a GIP/GLP-1/glucagon triple agonist, is in Phase 3. Lilly continues to build U.S. and European manufacturing capacity and uses acquisitions to add pipeline assets.

How Eli Lilly and Company Makes Money

Lilly makes money by discovering, developing, manufacturing and selling patent-protected prescription medicines. Revenue comes mainly from product sales to wholesalers, pharmacies and health systems, with net prices set through negotiations with insurers, pharmacy benefit managers and governments; collaboration and royalty income adds a smaller share. Cardiometabolic medicines dominate: Mounjaro ($22.97 billion) and Zepbound ($13.54 billion) together produced about 56% of 2025 revenue. Lilly also sells directly to self-pay patients through LillyDirect, including Zepbound vials and Foundayo tablets, which reduces reliance on traditional pharmacy benefit channels for obesity care.

Eli Lilly Acquisitions FAQ

What are the most significant corporate acquisitions in Eli Lilly's modern history?

Key historical acquisitions include Loxo Oncology (2019 for $8.0 billion), Morphic Therapeutic (2024 for $3.2 billion), DICE Therapeutics (2023 for $2.4 billion), POINT Biopharma (2023 for $1.4 billion), Versanis Bio (2023 for $1.9 billion), and Armo BioSciences (2018 for $1.6 billion).

Why was the 2019 acquisition of Loxo Oncology for $8.0 billion transformative?

Acquiring Loxo Oncology created 'Loxo@Lilly', an agile precision oncology research engine that produced blockbuster breast cancer therapy Verzenio and targeted therapies like Jaypirca and Retevmo.

How did the 2024 acquisition of Morphic Therapeutic expand Lilly's immunology pipeline?

Lilly acquired Morphic Therapeutic for $3.2 billion in cash, gaining MORF-057 (an oral small-molecule alpha-4-beta-7 integrin inhibitor in Phase 2 trials for ulcerative colitis and Crohn's disease), expanding its oral immunology portfolio.

Why did Eli Lilly acquire POINT Biopharma for $1.4 billion in 2023?

Lilly acquired POINT Biopharma to enter the next-generation field of radioligand therapies, gaining clinical-stage radiopharmaceuticals (PNT2002 for prostate cancer) and a specialized radiopharmaceutical manufacturing facility in Indianapolis.

How did the 2023 acquisition of Versanis Bio enhance Lilly's obesity pipeline?

Lilly acquired Versanis Bio for up to $1.9 billion to obtain bimagrumab (a monoclonal antibody targeting activin type II receptors), which combines with tirzepatide to promote fat loss while preserving and building lean muscle mass.

Why did Eli Lilly acquire DICE Therapeutics for $2.4 billion in 2023?

Lilly acquired DICE Therapeutics to use its proprietary DELSCAPE platform, which designs orally bioavailable small-molecule medicines to replace injectable biologics for autoimmune diseases like psoriasis.

What is Eli Lilly's M&A philosophy under CEO David Ricks?

Lilly pursues targeted, science-focused biotech acquisitions ($1B to $8B deal size) that provide breakthrough early- and mid-stage clinical drug candidates, avoiding dilutive mega-mergers to maintain focus on internal innovation.

How did Eli Lilly spin off animal health company Elanco in 2018 to 2019?

In 2018 to 2019, Eli Lilly executed the successful IPO and tax-free spinoff of Elanco Animal Health (ELAN), divesting its veterinary pharmaceutical business to become a 100% focused human healthcare company.

What companies has Eli Lilly acquired?

To rapidly expand beyond diabetes, Eli Lilly executed a massive $8 billion acquisition of Loxo Oncology in 2019 to completely revamp its cancer pipeline. They also regularly acquire massive biotech startups specializing in auto-immune and immunology research.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.