Lilly completes Adverum acquisition for $3.56 per share plus CVRs

Eli Lilly and Company (NYSE: LLY) completed its acquisition of Adverum Biotechnologies Inc. (NASDAQ: ADVM) after a tender offer expired on December 8, 2025, according to a company statement.

The tender offer by Flying Tigers Acquisition Corporation, a wholly-owned Lilly subsidiary, received 16,493,335 shares representing approximately 64% of Adverum's outstanding shares. Shareholders received $3.56 per share in cash plus one contingent value right (CVR) per share.

The CVRs represent contractual rights to receive up to two contingent cash payments totaling up to $8.91 per CVR upon achievement of specified milestones. Computershare Inc. and Computershare Trust Company served as the depositary and paying agent for the offer.

The companies expect to complete the acquisition on December 9, 2025, under the terms of a merger agreement dated October 24, 2025. All conditions to the offer have been satisfied, and Lilly will pay for all accepted shares.

"This acquisition presents the opportunity to expand gene therapy's potential to alleviate the burden of age-related conditions, including vision loss," said Andrew Adams, Lilly group vice president, Molecule Discovery.

Adverum focuses on gene therapy treatments for ocular diseases and is developing ixoberogene soroparvovec as a one-time injection for patients with wet age-related macular degeneration. The company aims to establish gene therapy as a standard of care for highly prevalent eye diseases.

Ropes & Gray LLP served as legal counsel for Lilly, while Aquilo Partners acted as financial advisor and Cooley LLP as legal counsel for Adverum.

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