Overview
- Lilly will launch a tender offer of $3.56 in cash per Adverum share plus non-transferable CVRs worth up to $8.91, for a total potential $12.47 per share.
- CVR milestones include U.S. approval of Ixo-vec within seven years and surpassing $1 billion in annual global sales within ten years of closing.
- The companies expect the deal to close pending shareholder and regulatory approvals, with Reuters citing a fourth-quarter 2025 target and other outlets pointing to early 2026.
- Ixo-vec is being evaluated as a one-time intravitreal gene therapy for wet AMD in the ARTEMIS Phase 3 program and has FDA Fast Track and RMAT, EMA PRIME, and a UK Innovation Passport.
- Shares moved higher after the announcement, and Lilly framed the acquisition as part of its broader push into durable, one-time genetic medicines.