Pharma BD Deal Intelligence
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.