Eli Lilly announced on Friday, October 24, 2025, that it will acquire Adverum Biotechnologies, Inc. for a total consideration of up to $261.7 million, including $3.56 per share in cash and a contingent value right that could add up to $8.91 per share, for a maximum of $12.47 per share.
The transaction includes a $65 million promissory note that Adverum will receive in four installments to support its ongoing Phase 3 program for the gene‑therapy candidate Ixo‑vec, the company’s lead product for wet age‑related macular degeneration. The deal is expected to close in the fourth quarter of 2025, subject to customary closing conditions.
This acquisition brings Adverum’s single‑administration intravitreal gene‑therapy platform under Lilly’s umbrella, expanding Lilly’s gene‑therapy portfolio and providing a strategic entry into the high‑growth ocular disease market. The deal is a significant milestone for Adverum, providing capital, resources, and a potential pathway to regulatory approval for Ixo‑vec.
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