Eli Lilly Expands Immunology Pipeline with USD 1.2 Billion Ventyx Buyout

One of its drugs in a mid-stage trial is targeting a cardiovascular condition linked to obesity, potentially complementing Lilly's metabolic and ​immunology franchises.

Lilly will acquire all of ​the outstanding shares of Ventyx for $14 per share, representing ‌a premium ‍of around 2% over the stock's close on ‍Wednesday.

Ventyx shares closed 28% higher in the day ‌following media reports on the deal. The San Diego-based company's stock was little changed in extended trading.

The $1.2 billion price tag is borderline immaterial to Lilly, said Cantor Fitzgerald analyst Carter Gould.

"We like that Lilly is taking chances on potentially transformative opportunities at relatively small dollar amounts. Indeed, ‍the program would sit nicely within Lilly's cardiometabolic franchise," Gould said.

This is Lilly's first major transaction ‍of 2026, ⁠following a year when ⁠its market value topped $1 trillion on surging sales of GLP-1 drugs Mounjaro and Zepbound.

The diabetes and obesity drugs have delivered annual revenue that eclipsed traditional blockbusters and cemented Lilly's position as the world's most valuable drugmaker.

Its deal with Ventyx is expected to close in the first half of 2026.