Eli Lilly to Acquire Adverum Biotechnologies in $1.5 Billion Deal to Advance Gene Therapy for Vision Loss

Eli Lilly and Company announced it will acquire Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage biotechnology company pioneering intravitreal gene therapies for eye diseases, in a deal valued at up to $12.47 per share, or approximately $1.5 billion if all milestones are met.

Under the agreement, Lilly will launch a tender offer to purchase all outstanding shares of Adverum’s common stock for $3.56 per share in cash, plus a non-transferable contingent value right (CVR) worth up to an additional $8.91 per share based on future regulatory and commercial milestones. The acquisition is expected to close in the fourth quarter of 2025, pending customary conditions.

The acquisition includes Adverum’s lead product candidate, Ixo-vec, an intravitreal gene therapy in late-stage development for wet age-related macular degeneration (wAMD)—a chronic and progressive retinal disease that affects millions worldwide. Ixo-vec is designed as a one-time treatment that continuously delivers intraocular aflibercept, potentially reducing the need for frequent injections and improving long-term vision outcomes.

Ixo-vec is currently being evaluated in the Phase 3 ARTEMIS trial, which has completed screening. The program has received multiple designations, including Fast Track and Regenerative Medicine Advanced Therapy (RMAT) from the U.S. FDA, as well as PRIME status from the European Medicines Agency and an Innovation Passport from the UK’s MHRA.

“Ixo-vec has the potential to transform wAMD treatment from chronic care requiring repeated injections to a convenient 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.”

Laurent Fischer, M.D., president and CEO of Adverum, said joining Lilly will accelerate the company’s mission to preserve vision through gene therapy. “Lilly’s global reach and expertise in advancing genetic medicines will help us deliver on our vision to provide a transformative One and Done™ therapy for millions of patients,” Fischer said.

As part of the agreement, Lilly will provide Adverum with up to $65 million in secured financing to support ongoing clinical trials and development activities ahead of the transaction’s closing. The loan is contingent on the progress of the acquisition and becomes repayable if the merger does not proceed.

Adverum’s board of directors unanimously approved the deal after a comprehensive strategic review, determining that the merger with Lilly offered the best outcome for shareholders and the greatest opportunity to advance Ixo-vec.

Ropes & Gray LLP is serving as legal counsel to Lilly, while Aquilo Partners, L.P. is acting as exclusive financial advisor and Cooley LLP as legal counsel to Adverum.

The acquisition marks Lilly’s continued expansion into genetic medicines and ophthalmology, reinforcing its strategy to deliver innovative treatments for chronic and age-related conditions.