By Fineline Cube 
Eli Lilly (NYSE: LLY) announced on October 24, 2025, that it will acquire gene therapy developer Adverum Biotechnologies (ADVM.O) in a deal valued at up to USD 261.7 million. This acquisition grants Lilly access to Adverum’s Ixo-vec, a novel ophthalmic gene therapy for wet age-related macular degeneration (wAMD).
Deal Structure
Under the acquisition agreement, Adverum shareholders will receive USD 3.56 in cash per share, along with one non-transferrable Contingent Value Right (CVR). CVR holders are eligible for up to an additional USD 8.91 per share if Ixo-vec gains approval within seven years and achieves annual global net sales exceeding USD 1 billion within ten years.
Implications
The transaction injects critical funds into Adverum, whose current cash reserves were only enough to sustain operations through this month. This marks Lilly’s second acquisition of a gene therapy company this year, following its agreement in June to acquire gene-editing startup Verve Therapeutics for up to USD 1.3 billion.-Fineline Info & Tech