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.”

Financial Structure and Deal Mechanics

The transaction requires a majority tender of Adverum’s common stock and remains subject to customary closing conditions. Lilly expects the acquisition to close by the fourth quarter of 2025. If successful, Lilly will merge any untendered shares through a second-step merger at the same consideration.

Adverum’s board of directors unanimously approved the deal following what it described as a comprehensive evaluation process involving “numerous discussions with potential partners and buyers.”

“We are thrilled to join Lilly, a leader in chronic and age-related disease innovation,” said Dr. Laurent Fischer, Adverum’s president and CEO. “Their expertise and global reach will help accelerate our mission to advance genetic medicines for healthy aging.”

Financing and Clinical Continuity

Ahead of the deal’s completion, Adverum secured a promissory note agreement for a $65 million loan from Lilly, to be paid in four installments. The funds will support ongoing clinical and registrational activities for Ixo-vec, ensuring trial continuity while regulatory steps proceed.

A String of Bold Acquisitions

The Adverum deal is the latest in a series of strategic moves by Lilly to broaden its genetic medicine pipeline. In June 2025, the company struck a $1.3 billion agreement to acquire Verve Therapeutics, and previously absorbed Akouos Inc. in 2022 to enhance its gene therapy platform.

With this acquisition, Lilly reinforces its trajectory toward pioneering advanced therapies that merge genetics, vision science, and precision medicine — reshaping the pharmaceutical landscape for decades to come.

Legal Advisors

• For Eli Lilly: Ropes & Gray LLP — Partners Emily Oldshue, Dan Coyne, Renata Ferrari, Pamela Glazier, Geoffrey Lin, Cristi Schwarzman, David Kaye, David Peloquin, and Greg Levine.

• For Adverum: Cooley LLP — Partners Bill Roegge and Jason Kent.