Lilly Expands Gene Therapy Presence with Acquisition of Adverum Biotechnologies

Eli Lilly announced a definitive agreement to acquire Adverum Biotechnologies on October 24, 2025, entering the ophthalmology sector and expanding its gene therapy portfolio1 4 7.

Adverum’s lead asset is Ixo-vec, a Phase 3 intravitreal, single-administration gene therapy for wet age-related macular degeneration (wAMD), designed to provide durable treatment with a one-time injection, potentially replacing frequent anti-VEGF injections1 2 7.

Under the deal, Lilly will pay $3.56 per Adverum share in cash (approximately $74.7 million upfront) and offer contingent value rights (CVRs) worth up to $8.91 per share if regulatory and commercial milestones are met, for a total potential deal value of up to approximately $262 million1 2 5.

The CVRs are tied to two milestones:
U.S. approval of Ixo-vec within seven years (up to $1.78 per CVR) and annual worldwide net sales exceeding $1 billion within ten years (up to $7.13 per CVR)1 2 5.

Adverum was facing a liquidity crisis with funds nearly exhausted; to support ongoing trials, Lilly is also providing a $65 million loan5 9.

The acquisition is part of Lilly’s broader strategy to diversify beyond traditional small-molecule and biologic drugs into genetic medicines2 4.

If the tender offer succeeds, Lilly will acquire any remaining shares via a second-step merger, with the transaction expected to close by late 20256.