Eli Lilly Completes Acquisition of Adverum Biotechnologies

Eli Lilly and Company has successfully completed the acquisition of Adverum Biotechnologies following a tender offer to purchase all outstanding shares of Adverum's common stock. The offer included $3.56 per share in cash and one non-tradable contingent value right (CVR) per share. The acquisition is expected to advance gene therapy research and expand treatment options for age-related conditions, particularly vision loss.

The deal is set to be finalized on December 9, 2025, subject to the terms of the Agreement and Plan of Merger. Legal counsel for Lilly and Adverum are Ropes & Gray LLP and Cooley LLP, respectively. Lilly is a global healthcare company dedicated to developing innovative genetic medicines to address significant health challenges, while Adverum Biotechnologies focuses on pioneering gene therapy for ocular diseases to restore vision and prevent blindness.

The acquisition is a strategic move to leverage the expertise of both companies and further advance the development of genetic medicines. The completion of this acquisition represents a significant milestone for both companies and the future of gene therapy research and development.