Eli Lilly announced it will acquire three vaccine developers in transactions totaling up to $4 billion. The targets are Seattle‑based Curevo, which is working on a shingles vaccine; Swiss‑based LimmaTech Biologics, focused on staph infections; and Vaccine Company, pursuing an Epstein‑Barr virus candidate. None of the firms currently have products on the market. Investors view the deals as a hedge against slowing diabetes sales.

The acquisition follows Lilly’s surge to a $1 trillion market cap last fall, buoyed by blockbuster weight‑loss drugs Mounjaro and Zepbound. Flush with cash, the company has been on a buying spree, adding small players in cancer, narcolepsy, cell therapy and inflammation this year. The balance sheet gives Lilly flexibility to fund trials.

Vaccine development has stalled under Health Secretary Robert F. Kennedy Jr.’s policy changes, squeezing financing for smaller innovators. Lilly’s historic pedigree includes the 1950s polio vaccine and the 1980s Ceclor antibiotic, giving it manufacturing expertise the market now lacks. Analysts note that early‑stage assets can generate licensing fees even before market launch.