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Lilly has been making a bet on this particular space on immunology products for the last several years. It does have a number of products here as well, but the bigger story is that Lily is looking to actually put some of this power that is getting from selling diabetes shots and weight loss shots that have become so ubiquitous in the United States and the rest of the world. They're trying to put that to use so that when they do eventually lose some of that protection, some of that patent protection, they'll be able to, you know, have future income streams.

It's hard to look at now because they do make so much money from those. But immunology is a huge and growing area, and that's one of the areas where Lily is really staking its claim. Michelle, I go to the blue wipe Buyer Profile or intent profile page on the Bloomberg terminal, and Lily has made a number of acquisitions in recent weeks and months. Meredith is just the latest for $2.9 billion, but in August, there are two purchases up with some other companies into pro and amplification holdings in July.

There is ratio therapeutics. Do any of these get the attention of regulators? You know these acquisitions don't aren't really getting the attention of regulators is getting a lot of attention from, um, from investors. Lilly is really taking a very different approach. They're buying things at a very early stage. It's a great question, actually. I don't know if they're if they're somehow, you know, covering up an awful lot of early stage products in the same category so that they could be kind of cornering the market on some new technology that's just emerging.

It's so early what they're doing, though, I think that is probably unlikely and others would follow up quickly along. It's interesting all of those things that you're citing, the numbers. They've told us that they look at ten different acquisitions every single week, and so they're pulling the trigger a lot, but they're pulling it at a very low rate. Right. All of those ones that you're talking about, I think the biggest deal that Lilly has ever done is sub $8 billion.

You know, like it is. It is comparatively to the size of the company. It's very small potatoes. They are just chucking a lot of potatoes. In all honesty, it's inching well. I've been in Bloomberg 17 years and I just learned another, uh, function today, the BP. Yeah, yeah. Very cool, I like that. Um, Michelle, uh, what does Eli Lilly prefer to do? They prefer to develop stuff in their lab or just go out and buy it. Like what?

This deal. All right, well, I mean, it's got to be a hard decision, right? Lilly paid the price of this a long time ago with Prozac. Of course, they were dominant in that particular space. And then when they lost the patent protection on Prozac, they really had to scramble. And then the GLP ones, they did that themselves like this is a huge market. Obviously they weren't first movers. That was Novo Nordisk. But but they developed their weight loss and obesity drugs in house, and they have really reaped the benefits there.

And they want to do that again. And the problem is, is that just can't be an expert everywhere. So they're bringing in stuff early stage. They're trying to develop it in house and then create it, you know, long term. We'll see what happens. A lot of other companies in this particular situation when they've had huge products that are losing mark a patent protection, they go out and do you know, 25 billion, 30,000,000,050.

I mean, not a lot because there's not a lot of companies that can only have that kind of money. But we do see massive M&A. They're doing massive numbers in terms of deals, not massive size of the deals themselves. I'm fascinated by the fact that, um, Eli Lilly is kind of scouring for deals, um, on such a frequent basis and yes, pulls the trigger on a couple of them, but, um, doesn't necessarily, uh, take a bite out of all of them.

Um, what does that mean in terms of they're willing I mean, do they have like a goal of how many companies or investments they want to make. Um, you know, that they feel that they need to execute on. I don't think that they have a number that they need to execute on at this point. And to be fair, they don't have an awful lot of an awful lot of pressure at the moment. Right. The patterns that they have on these GLP one drugs, the shots, they have those for at least another decade.

So that's not going to be hit too hard. And they are innovating in that particular space. Like we see some pills and whatnot that are coming along even more effective, more potent medicines. They will face a little bit of pressure because Novo Nordisk drugs are older and they are coming off patent. But Lilly's to this point have been a little bit more effective. So we'll see if that creates pressure. But it won't be, I think, for another, you know, 5 to 8 years that Lilly will actually start having to show how they're going to replace this medicine.

You only have to look at Pfizer and the struggles that they've had post-pandemic, right? When they've lost their Covid vaccines and their Covid treatments. They just do not want to do that.