Pharma BD Deal Intelligence
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Full analysis, sources & comparables →AbbVie and REGENXBIO today announced updates on the ABBV-RGX-314 clinical program for wet age-related macular degeneration and diabetic retinopathy. Data from…
Eli Lilly announced plans to acquire Adverum Biotechnologies in a transaction valued at up to approximately $261 million, gaining access to Ixo-vec, a Phase…
Lilly and Adverum announce expiration and completion of Adverum tender offer and acquisition. The tender offer by Flying Tigers Acquisition Corporation expired…
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Lilly agreed to acquire Adverum on October 24, 2025 for $3.56/share cash at closing plus a non-tradable CVR worth up to $8.91/share tied to Ixo-vec regulatory approval and $1B annual-sales milestones, for total deal value up to ~$261M. The all-cash tender offer (via subsidiary Flying Tigers Acquisition Corporation) expired at 11:59 p.m. ET on December 8, 2025 with ~64% of shares tendered, and Lilly completed the acquisition on December 9, 2025 through a Section 251(h) second-step merger; Adverum became a wholly owned Lilly subsidiary and was delisted. The deal gives Lilly Ixo-vec (ixoberogene soroparvovec), a one-time intravitreal AAV gene therapy in Phase 3 for wet AMD, extending Lilly's gene therapy push following its Verve acquisition earlier in 2025.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Eli Lilly and Company / Adverum Biotechnologies, Inc. (this deal) | 2025 | $261M | — |
| Eli Lilly and Company / Boehringer Ingelheim GmbH | 2011 | $444M | 89 |
| Eli Lilly and Company / Loxo Oncology, Inc. | 2019 | $8.0B | 88 |
| Eli Lilly and Company / Applied Molecular Evolution Inc. | 2003 | $400M | 88 |
| Eli Lilly and Company / ICOS Corporation | 2006 | $2.3B | 87 |
| Eli Lilly and Company / Novartis Animal Health | 2014 | $5.4B | 70 |
| Eli Lilly and Company / Incyte Corporation | 2009 | $755M | 69 |
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More: 2025 deals · Eli Lilly and Company deals · Ophthalmology deals