Lilly Goes on $20 Billion Buying Spree as It Seeks Next Act (1)

Eli Lilly & Co. is on a record spending spree, announcing acquisitions worth more than $20 billion so far in 2026 as the drugmaker expands beyond its blockbuster obesity franchise.

In recent weeks, Lilly has pledged to shell out up to $7.8 billion for sleep drugmaker Centessa Pharmaceuticals Plc and up to $7 billion for cancer drug developer Kelonia Therapeutics — two of its most expensive deals ever. On Tuesday, it agreed to buy three vaccine developers for as much as $3.8 billion.

The value of Lilly’s deals is its highest ever in a year, according ...