US EditionLilly to Acquire Adverum Biotechnologies
Adverum shareholders may earn up to $8.91 per share through contingent value rights linked to gene therapy ixo-vec approvals and sales milestones, Lilly to lend $65 million for trials.
- On Friday, Eli Lilly agreed to buy all outstanding shares of Adverum Biotechnologies for $3.56 per share in cash, with the board approving the deal and closing set before year-end.
- With only $44 million on hand as of June 30, Adverum Biotechnologies posted a $131 million net loss in 2024, citing trial setbacks and financial strain.
- Deal documents show Adverum investors will receive contingent value rights that may be worth up to $8.91 per share, raising total deal value to roughly $261 million, and Lilly will lend Adverum $65 million to support trials.
- Adverum CEO Laurent Fischer said Lilly's `scientific depth and global reach` can accelerate a `transformative` therapy for wet age-related macular degeneration, while Andrew Adams highlighted ixo-vec's potential as a one-time therapy.
- Despite potential upside, Lisa Walter, analyst at RBC Capital Markets, warned full contingent payouts may be difficult amid safety concerns and analyst caution, analysts noted.
16 Articles
16 Articles
Lilly to Buy Eye Gene Therapy Company Adverum Biotechnologies
Eli Lilly & Co. said it reached a deal to buy Adverum Biotechnologies Inc., a company working to treat blindness, for $3.56 a share plus contingent value rights that could bring the value up to $12.47 a share, as it continues a push into gene therapies.
Eli Lilly to Acquire Adverum Biotechnologies
Pharmaceutical powerhouse Eli Lilly and Co. announced Friday that it will acquire Adverum Biotechnologies, a clinical-stage gene therapy innovator targeting eye diseases, in a deal valued at up to $262 million. The move signals Lilly’s deepening commitment to genetic medicine and vision restoration therapies. Advised by Ropes & Gray LLP, Lilly plans to launch a tender offer to purchase all outstanding shares of Adverum, represented by Cooley LLP…
Eli Lilly Strengthens Gene Therapy Portfolio Through Adverum Acquisition
Eli Lilly announced it has reached an agreement to acquire Adverum Therapeutics, a biotech with expertise in developing gene therapies to treat eye diseases. A strong draw of the company for Lilly is its lead candidate ixoberogene soroparvovec (Ixo-vec), a gene therapy for wet age-related macular degeneration (AMD) designed to be a one-time treatment for the condition. Ixo-vec was developed using the company’s next-generation adeno-associated vi…
Eli Lilly Enters Ophthalmology Sector with Acquisition of Adverum Biotechnologies
Eli Lilly and Company and Adverum Biotechnologies announced that they have entered into a definitive agreement for Lilly to acquire Adverum Biotechnologies, including its lead gene therapy product candidate, Ixo-vec. Ixo-vec is an intravitreal, single-administration gene therapy designed for the treatment of wet age-related macular degeneration (AMD). Unlike current anti-VEGF therapies that require frequent injections, Ixo-vec delivers continuou…
Coverage Details
Bias Distribution
- 75% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
