Eli Lilly and Company announced plans to acquire Adverum Biotechnologies in a deal centered on Adverum’s lead intravitreal gene therapy candidate, ixoberogene soroparvovec (Ixo-vec), for wet age-related macular degeneration (wet AMD). The transaction, valued at up to $1.5 billion, includes $3.56 per share in cash and a contingent value right of up to $8.91 tied to regulatory approval and sales milestones.

Ixo-vec (formerly ADVM-022), designed as a one-time intravitreal injection that delivers continuous aflibercept expression, aims to reduce the treatment burden associated with frequent anti-VEGF injections. The therapy is being evaluated in the phase 3 ARTEMIS trial, which has completed screening. It has received fast track and regenerative medicine advanced therapy (RMAT) designations from the FDA, as well as PRIME and innovation passport designations from European and UK regulators.

Lilly will provide Adverum with up to $65 million in bridge financing to support ongoing development ahead of the expected fourth-quarter 2025 closing. Adverum’s board of directors unanimously approved the merger after evaluating alternative financing and partnership options. In a press release, Lilly said the acquisition aligns with its strategy to expand in genetic medicines and ophthalmology.