On Friday, October 24, 2025, Eli Lilly announced that it would acquire Adverum Biotechnologies, Inc. for up to $261.7 million in cash and contingent consideration. The deal includes Adverum’s lead product candidate, Ixo‑vec, an intravitreal gene therapy for wet age‑related macular degeneration. The acquisition is expected to broaden Lilly’s gene‑therapy portfolio and add a single‑dose ocular therapy to its pipeline.
Ixo‑vec delivers a continuous, intra‑ocular aflibercept level with a one‑time intravitreal injection, potentially transforming the treatment paradigm for wet AMD. The therapy has received Fast Track and RMAT designations from the FDA, PRIME status from the EMA, and an Innovation Passport from the UK MHRA. By adding this asset, Lilly gains a new modality that complements its existing oncology and immunology programs.
The transaction is structured as a tender offer for all outstanding Adverum shares, with a per‑share cash consideration of $3.56 and a contingent value right that could add up to $8.91 per share upon achievement of two milestones. The deal is expected to close in the fourth quarter of 2025, subject to customary closing conditions and regulatory approvals. The acquisition also includes a $65 million promissory note to support Adverum’s ongoing clinical development.
Adverum’s pipeline includes additional intravitreal gene therapies for retinal diseases, positioning Lilly to become a leader in ocular gene therapy. The addition of Ixo‑vec and related assets aligns with Lilly’s strategy to expand its gene‑therapy capabilities and address high‑impact, high‑need indications. The acquisition is a strategic move to diversify Lilly’s portfolio beyond its current cardiometabolic and oncology strengths.
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