Eli Lilly to Acquire Adverum Biotechnologies
Eli Lilly plans to acquire Adverum Biotechnologies for $3.56 per share, enhancing its portfolio in innovative genetic medicines for vision restoration.
Eli Lilly and Company announced a definitive agreement to acquire Adverum Biotechnologies and its leading candidate Ixo-vec.
Lilly is expected to pay $3.56 per share, in cash, along with up to $1.78 per CVR in cash, payable upon U.S. approval of Ixo-vec prior to the seventh anniversary of closing.
"We are excited about the potential to join Lilly, with a proven track record in the discovery, development, and commercialization of innovative medicines for chronic and age-related conditions," said Laurent Fischer, M.D., president and chief executive officer of Adverum Biotechnologies. "We share Lilly's commitment to healthy aging and genetic medicines innovation.
Author's summary: Lilly acquires Adverum Biotechnologies for genetic medicines.
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