Eli Lilly to Acquire Adverum in $1.5B Vision Therapy Deal

Eli Lilly and Company revealed today that it is to acquire the clinical-stage biotechnology company Adverum Biotechnologies, Inc., which is the leader in the development of intravitreal gene therapy to restore vision in patients with advanced eye disease.

Following the acquisition, Lilly will own 100% of Ixo-vec, Adverum's lead gene therapy research product to treat wet agerelated macular degeneration (wAMD), a progressive retinal disease that affects millions of people worldwide.

Ixo-vec is intended as a one-time intravitreal treatment designed to provide continuous therapeutic levels of aflibercept, eliminating the need for repeated anti-VEGF injections.

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Currently being studied in the ARTEMIS Phase 3 clinical trial, Ixo-vec has received multiple designations by regulatory authorities, including Fast Track and RMAT from the US FDA, PRIME from the EMA, and an Innovation Passport from the UK's Medicines and Healthcare Regulatory Authority (MHRA).

Under the terms of the agreement, Lilly will pay $3.56 per share in cash and a contingent value right (CVR) for a potential total of $12.47 per share, with the CVR worth up to $8.91 per share, based on milestones related to FDA approval of Ixo-vec and global sales exceeding $1 billion. The acquisition was approved unanimously by Adverum's board and is expected to be closed in the fourth quarter of 2025, subject to customary conditions.

Additionally, Lilly will also provide a $65million secured loan to Adverum to support ongoing clinical work ahead of the merger closing. For the pharma giant, the acquisition expands its presence in ophthalmic gene therapies and is a significant step toward the goal of transforming wAMD to a one-and-done modality for millions at risk for vision loss.