Eli Lilly Acquisitions Build Vaccine Portfolio

Eli Lilly and Company (NYSE: LLY) said on May 26, 2026, that its acquisitions of three privately held vaccine developers will expand its infectious disease research and prevention technology platforms. The deals will be reflected in Lilly’s financial results after closing.

Deal Terms and Strategic Focus

Lilly agreed to acquire Curevo Inc., LimmaTech Biologics AG, and Vaccine Company, Inc. for up to $3.83 billion in cash, including upfront and milestone payments tied to development, regulatory, and commercial achievements. Curevo shareholders could receive up to $1.5 billion, LimmaTech up to $780 million, and Vaccine Company up to $1.55 billion.

The acquisitions extend Lilly’s infectious disease portfolio by investing in differentiated vaccine and infectious disease technology platforms focused on prevention rather than single-asset purchases. The targets address viral pathogens linked to long-term neurological and oncological risks, as well as bacterial pathogens that are difficult to prevent or treat.

Lilly said it will determine the accounting treatment of the transactions upon closing under U.S. GAAP (Generally Accepted Accounting Principles). The deals will be included in Lilly’s financial results and guidance after closing. Each transaction is subject to customary closing conditions, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Daniel M. Skovronsky, M.D., Ph.D., chief scientific and product officer and president of Lilly Research Laboratories, said, “These acquisitions reflect a deliberate strategy to prevent disease at its source rather than treat its consequences.”