Pharmaceutical powerhouse Eli Lilly and Co. announced Friday that it will acquire Adverum Biotechnologies, a clinical-stage gene therapy innovator targeting eye diseases, in a deal valued at up to $262 million. The move signals Lilly’s deepening commitment to genetic medicine and vision restoration therapies.
Advised by Ropes & Gray LLP, Lilly plans to launch a tender offer to purchase all outstanding shares of Adverum, represented by Cooley LLP, for $3.56 per share in cash, totaling approximately $74.7 million upfront. Investors could see an additional $8.91 per share through a contingent value right (CVR) if specific milestones are achieved — raising the total transaction value to about $261.6 million, or $12.47 per share.
A Strategic Bet on Vision and Gene Therapy
The acquisition strengthens Lilly’s foothold in genetic medicine, an area it has been aggressively expanding. Adverum’s pipeline is focused on innovative gene therapies designed to restore vision and prevent blindness, positioning the firm as a promising player in ophthalmic biotechnology.
At the heart of the deal lies Ixo-vec, Adverum’s lead gene therapy candidate targeting wet age-related macular degeneration (wAMD) — a chronic, progressive retinal disease that affects millions of elderly patients worldwide.
“Ixo-vec has the potential to transform wAMD treatment from chronic care with repeated injections to a one-time therapy,” said Andrew Adams, Lilly’s group vice president of Molecule Discovery. “We are eager to welcome Adverum’s team and accelerate this innovative medicine to patients.”
