#United States #Indianapolis #gene therapy #Eli Lilly #Adverum

Eli Lilly Completes Acquisition of Adverum

On December 9, 2025, Eli Lilly and Company (NYSE: LLY) and Adverum Biotechnologies, Inc. (NASDAQ: ADVM) announced the successful completion of the tender offer initiated by Flying Tigers Acquisition Corporation, a wholly-owned subsidiary of Lilly. The tender offer allowed shareholders of Adverum to exchange their shares for cash and contingent value rights (CVRs), ultimately securing a substantial number of shares.

Eli Lilly's offer comprised a cash payment of $3.56 per share, along with a promise of one non-tradable CVR, representing potential additional cash payments tied to specific milestones, totaling up to $8.91 per CVR. The offer was well-received, with an impressive 16,493,335 shares, approximately 64% of the issuing, validly tendered by the expiration time set for December 8, 2025.

As all conditions for the acquisition were met, the payment for these shares will commence shortly thereafter. Andrew Adams, Lilly's group vice president for Molecule Discovery, expressed enthusiasm about this acquisition, noting its potential to enhance gene therapy options for age-related conditions, particularly vision impairment. He remarked, "This acquisition presents the opportunity to expand gene therapy's potential to alleviate the burden of age-related conditions, including vision loss."

Adverum is particularly noted for its innovative gene therapies aimed at treating prevalent ocular diseases. By leveraging its proprietary intravitreal platform, the company seeks to provide patients with durable, single-administration therapies. Their lead candidate, ixoberogene soroparvovec (Ixo-vec), is being evaluated as a treatment for neovascular or wet age-related macular degeneration.

The collaboration between Lilly and Adverum may significantly transform the standard of care for ocular diseases that require frequent injections, potentially providing patients with better healthcare outcomes and improved vision.

Legal representation for Lilly in this acquisition was provided by Ropes & Gray LLP, while Adverum utilized the services of Aquilo Partners, L.P., and Cooley LLP. Both companies hold great expectations for what this merger could achieve in the realm of medical advancements.

Eli Lilly has been recognized globally for its commitment to improving healthcare via groundbreaking pharmaceutical developments for nearly 150 years, addressing key healthcare challenges such as diabetes, Alzheimer’s disease, cancer treatment, and more.

With this acquisition, Lilly extends its reach into gene therapy, aligning with their mission to evolve healthcare and champion innovative medicinal solutions. The overarching goal remains to provide quality healthcare access to patients worldwide while pushing the boundaries of current treatment paradigms.

As the merger finalizes, all eyes will be on Lilly and Adverum as they pursue breakthroughs that could revolutionize treatments and enhance quality of life for countless patients suffering from ocular diseases and beyond.