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.
