08:56 AM EDT, 10/24/2025 (MT Newswires) -- Eli Lilly ( LLY ) has agreed to acquire Adverum Biotechnologies ( ADVM ) including its lead product candidate, Ixo-vec, the companies said Friday.

Under the terms of the deal, Lilly said it will acquire all of Adverum's outstanding shares for $3.56 per share in cash plus one non-transferrable contingent value right that entitles holders to receive up to an additional $8.91 per contingent value right in cash upon the achievement of two milestones, for a total potential consideration of up to $12.47 per share.

The milestone payments include up to $1.78 per contingent value right if Ixo-vec receives US approval before the seventh anniversary of closing and up to $7.13 per CVR if annual global sales of Ixo-vec rise to over $1 billion before the closing's 10th anniversary, Eli Lilly ( LLY ) and Adverum said.

The transaction, expected to close in Q4, was approved by Adverum's board after an evaluation of strategic alternatives, the companies said.

Ixo-vec is a gene therapy for the potential treatment of wet age-related macular degeneration, the companies said.