Eli Lilly to Pay $3.8B for Three Vaccine Firms, Adds EBV Pipeline
LLY•Eli Lilly will spend up to $3.8 billion to acquire Curevo, LimmaTech Biologics and Vaccine Company, with deal payments of $1.5B, $780M and $1.55B respectively tied to development milestones. The transactions add a shingles vaccine candidate, bacterial-pathogen therapies and a Phase 1-ready EBV nanoparticle vaccine to Lilly’s infectious-disease pipeline.
1. Deal Breakdown
Eli Lilly agreed to acquire Curevo, LimmaTech Biologics and Vaccine Company in deals totaling up to $3.8 billion, comprising initial cash payments plus milestone-based earnouts. The Curevo transaction is valued up to $1.5 billion, LimmaTech up to $780 million and Vaccine Company up to $1.55 billion.
2. Pipeline Expansion
The acquisitions add an adult shingles vaccine candidate from Curevo, bacterial-pathogen-targeted therapies from LimmaTech and a Phase 1-ready Epstein-Barr virus nanoparticle vaccine from Vaccine Company. The EBV program uses engineered nanoparticles displaying multiple antigens to elicit durable immune responses with simplified manufacturing.
3. Strategic Context and Financial Impact
Lilly is deploying cash generated by its obesity drug franchise to diversify into infectious disease prevention, following earlier 2026 deals for in vivo CAR-T and sleep therapies. Before markets opened, shares rose about 1.5%, reflecting investor optimism about the expanded pipeline’s long-term growth potential.
