INDIANAPOLIS and REDWOOD CITY, Calif.— Eli Lilly and Company announced an agreement to acquire Adverum Biotechnologies, a clinical-stage gene therapy firm developing treatments for ocular diseases, including its lead candidate Ixo-vec, designed to address wet age-related macular degeneration (wAMD) with a single intravitreal dose.
Under the terms of the deal, Lilly will initiate a tender offer to buy all outstanding shares of Adverum common stock for $3.56 per share in cash and a contingent value right (CVR) valued at up to $8.91 per share, making the total potential consideration $12.47 per share. The acquisition, unanimously approved by Adverum’s board, is expected to close in the fourth quarter of 2025, subject to customary conditions.
Adverum’s Ixo-vec, currently in Phase 3 ARTEMIS trials, is a single-administration gene therapy that delivers sustained intraocular expression of aflibercept, potentially replacing frequent anti-VEGF injections, which are the standard treatment for millions of wAMD patients. The program has received FDA Fast Track and Regenerative Medicine Advanced Therapy (RMAT) designations, as well as regulatory recognition from EU and UK agencies.
“Ixo-vec has the potential to transform wAMD treatment from a paradigm of chronic care with repeated injections to a convenient one-time therapy,” said Andrew Adams, Lilly’s group vice president, Molecule Discovery. “We are eager to welcome Adverum colleagues to Lilly and help accelerate this innovative medicine to patients.”
Laurent Fischer, M.D., Adverum’s president and CEO, added, “We share Lilly’s commitment to healthy aging and genetic medicines innovation. Their scientific depth and global reach offer the opportunity to accelerate our vision to deliver a transformative One and Done™ therapy.”
To support Adverum’s ongoing clinical work before closing, Lilly has provided up to $65 million in secured financing through a promissory note. The transaction has no financing condition and will proceed to a second-step merger following the tender offer if approved.
The acquisition enhances Lilly’s genetic-medicine pipeline and broadens its presence in ophthalmology, supporting its overall strategy to combat chronic and age-related diseases through biotechnology and precision therapies.
Ropes & Gray LLP served as legal counsel for Lilly. Aquilo Partners L.P. acted as exclusive financial advisor to Adverum, with Cooley LLP providing legal counsel.
