Startup Ecosystem Pulse: Mega-Deals, Unicorn Crashes, and Africa's VC Renaissance

Eli Lilly acquires TED startup Merida Biosciences for up to $2.875 billion — its 13th acquisition of 2026 — further cementing its position in immunology. This isn't just another pharma deal; it signals that big-ticket biotech M&A remains red-hot despite broader market uncertainty. For founders, the message is clear: if you're building in immunology or adjacent subfields, acquirers are writing serious checks.

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Biotech's IPO summer refuses to fade....