Eli Lilly has agreed to acquire autoimmune oral drug developer Ventyx Biosciences, representing the big pharma company’s latest push to diversify its pipeline beyond blockbuster diabetes and obesity products.
Lilly will acquire all shares of Ventyx for $14.00 each, reflecting an aggregate equity value of approximately $1.2bn. The purchase price means Lilly is paying a 62% premium to the 30-day volume-weighted average trading price of Ventyx's stock as of 5 January.
Ventyx is developing a pipeline of small molecule therapeutics, including NOD-like receptor pyrin domain-containing 3 (NLRP3) inhibitors, designed to treat inflammation across a broad range of diseases. Targeted areas include cardiometabolic disorders, neurodegenerative diseases and inflammatory disorders. NLRP3 is a crucial sensor in the innate immune system and helps mediate inflammatory pathways. The protein is also linked to numerous diseases when overactivated.
William Blair analyst Myles Minter said the deal “demonstrates clear interest from big pharma in the NLRP3 inhibitor class to address a broad range of neuroinflammatory, cardiometabolic, and cardiovascular diseases, and reads through positively to other NLRP3 inhibitors in development”.
As per its pipeline overview, Ventyx has four drugs currently in clinical trials. The biotech’s inflammatory bowel disease portfolio includes two Phase II compounds – tamuzimod (VTX002), a S1P1R modulator and VTX958, a TYK2 inhibitor. Ventyx’s NLRP3 inhibitors include VTX2735, which is in Phase II development (NCT06836232) for recurrent pericarditis. The NLRP3 portfolio also houses VTX3232, which recently completed Phase II studies in patients with obesity and cardiovascular risk factors (NCT06771115) and in patients with Parkinson’s disease (NCT06556173).
Lilly’s chief scientific and product officer, Daniel Skovronsky, said: "There is increasing evidence that inflammation is a key driver of many chronic diseases. Ventyx's clinical-stage pipeline addresses a critical need for better treatment options across diseases mediated by chronic inflammation and further strengthens our ability to deliver meaningful advances for patients living with challenging diseases across focus areas of cardiometabolic health, neurodegeneration and autoimmunity."
Non-obesity cash outlays for Lilly in the past year include the $1bn acquisition of pain specialist SiteOne Therapeutics, the $2.5bn spent to buy a cancer asset from biotech Scorpion Therapeutics, and the $1.3bn takeover of RNA-based gene therapy developer Rznomics.
The deal for Ventyx marks Lilly’s first M&A activity in 2026. However, the agreement comes just a day after the big pharma company signed a research and license agreement worth up to $1.3bn with obesity biotech Nimbus Therapeutics.
Obesity drugs have helped fuel a period of intense growth for Lilly in the past year. The company’s weight loss injectable Zepbound (tirzepatide) saw sales jump 185% in Q3 2025 versus Q3 2024 – bringing in $3.6bn. Performance in Lilly’s cardiometabolic portfolio helped it become the first healthcare company to reach a market cap of $1tn in November 2025.
