Eli Lilly to acquire Adverum Biotechnologies

The Eli Lilly and Company will acquire Adverum Biotechnologies, according to a joint press release issued by the 2 companies. The companies noted that this definitive agreement will include Adverum’s lead candidate, Ixo-vec.

Adverum and Lilly’s merger agreement

According to the release, the terms of the 2 companies merger agreement include, Lilly will commence a tender offer to acquire all of the outstanding shares of Adverum common stock for a per share price of (1) $3.56 per share in cash payable at closing plus (2) one non-transferrable contingent value right (CVR) that entitles the holder to receive up to an additional $8.91 per CVR in cash upon the achievement of two milestones described below, for total potential per share consideration of up to $12.47.”¹ The release¹ also notes that the transaction is subject to closing conditions and that documents will be filed with the SEC.

This transaction was unanimously approved by the board of directors for Adverum, and is expected to close in Q4 of 2025.¹

Ixo-vec as a treatment candidate

Ixo-vec is a therapeutic candidate in development for the treatment of wet age-related macular degeneration (AMD). This intravitreal gene therapy is designed to be a one-time treatment that will “deliver continuous and stable intraocular aflibercept levels.”¹ The candidate is being evaluated in the phase 3 ARTEMIS trial and has been granted “Fast Track and Regenerative Medicine Advanced Therapy (RMAT) designations by the U.S. Food and Drug Administration, as well as PRIME designation by the European Medicines Agency and the Innovation Passport from the United Kingdom's Medicines and Healthcare Products Regulatory Agency for the treatment of wAMD.”¹

The phase 2 trials of Ixo-vec were LUNA and OPTIC. “LUNA is an ongoing double-masked, randomized Phase 2 trial in which 60 patients with wet AMD were randomized equally across 2 dose cohorts, 6E10 or 2E11 vg/eye. The trial is evaluating multiple prophylactic regimens, including topical steroid eyedrops (difluprednate) with or without Ozurdex and with or without oral steroids. LUNA is designed to inform the selection of both the Ixo-vec dose and prophylactic regimen for Phase 3 registrational trials.”²

“OPTIC is an ongoing, open-label, dose-ranging first-in-human trial. In this trial, 30 patients with wet AMD requiring frequent IVT injections were enrolled equally across 2 doses, 2E11 or 6E11. Patients received either 6 weeks of prophylactic topical steroid eye drops or 13 days of prophylactic oral steroids. The OPTIC trial was a 2-year study, with an optional 3-year extension.”²

References:

1. Lilly to Acquire Adverum Biotechnologies. Eli Lilly and Company. Adverum Biotechnologies. News release. October 24, 2025. Accessed October 28, 2025. https://www.prnewswire.com/news-releases/lilly-to-acquire-adverum-biotechnologies-302593482.html

2. Crago, SM. Adverum Biotechnologies announces topline 52-week results from LUNA Phase 2 trial and 4-year OPTIC results. Ophthalmology Times. November 21, 2024. Accessed October 29, 2025. https://www.ophthalmologytimes.com/view/adverum-biotechnologies-announces-topline-52-week-results-from-luna-phase-2-trial-and-4-year-optic-results