Morningstar

Eli Lilly Agrees to Acquire Adverum Biotechnologies

Provided by Dow Jones

By Adriano Marchese 




  Eli Lilly said Friday it is set to acquire clinical-stage company Adverum Biotechnologies for up to $12.47 a share, including milestone payments. 



  Under the terms of the agreement, Lilly will launch a tender offer to acquire all of the outstanding shares of Adverum common stock for a per-share price of $3.56 in cash as well as one contingent value right that entitles holders to receive up to an additional $8.91 per CVR in cash upon the achievement of certain milestones. 



  Adverum is developing a pipeline of gene therapies as it aims to find functional cures to restore vision and prevent blindness. Its lead product candidate, Ixo-vec, a treatment of wet age-related macular degeneration, a chronic and progressive retinal disease. 



  Shares of Adverum have been under pressure in 2025, falling about 10% to $4.18 since the year began. The stock is down 48% over the last 52 weeks. Shares are halted from trading on Friday in premarket. 



  Ixo-vec is currently in a phase 3 clinical trial called Artemis and has been granted fast-track and regenerative medicine advanced therapy designations by the Food and Drug Administration. It also has special designations in Europe and the U.K. 





  Write to Adriano Marchese at adriano.marchese@wsj.com 





  (END) Dow Jones Newswires



  October 24, 2025 09:04 ET (13:04 GMT)


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