Eli Lilly To Acquire Adverum Biotechnologies

• Under the deal, Lilly will commence a tender offer to acquire all of the outstanding shares of Adverum common stock at a per-share price of $3.56, payable in cash at closing, plus milestone payments of up to $8.91 per contingent value right. 
• The transaction is expected to close in the fourth quarter of 2025, subject to satisfaction of the closing conditions.
  

Eli Lilly and Company (LLY) said on Friday that it has entered into a definitive agreement to acquire Adverum Biotechnologies, Inc. (ADVM) for a total potential per share consideration of up to $12.47.

Under the deal, Lilly will commence a tender offer to acquire all of the outstanding shares of Adverum common stock at a per-share price of $3.56, payable in cash at closing, plus milestone payments of up to $8.91 per contingent value right.

The transaction is expected to close in the fourth quarter of 2025, subject to satisfaction of the closing conditions.

Board’s View

Adverum said the transaction was unanimously approved by its board of directors following an evaluation of strategic alternatives and discussions with potential partners and buyers. It added that the board believes the agreement with Lilly is in Adverum's and its stockholders' best interests.

The acquisition includes Adverum’s lead product candidate Ixo-vec, a late-stage gene therapy designed to treat vision loss associated with wet age-related macular degeneration with a single intravitreal dose.

Shares of ADVM soared 8% in the pre-market session at the time of writing. 

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