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RMi Note: Adverum Biotechnologies (ADVM) to be acquired for +$12.47 a share by Eli Lilly (LLY)

October 24, 2025 10:28am

ADVM is up +$0.14 or +3.349% to $4.32

ADVM's lead program, Ixo-vec, is a P3 intravitreal gene therapy designed to treat vision loss associated with wet age-related macular degeneration with a single intravitreal dose

Ixo-vec is designed as a single 1-time treatment to deliver continuous and stable intraocular aflibercept levels, thereby reducing the significant patient burden associated with current chronic anti-VEGF therapies, while also potentially leading to improved vision outcomes.

The Bottom Line: Great deal …

Under the terms of the merger agreement, 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 2 milestones described below, for total potential per share consideration of up to $12.47.

In conjunction with the transaction, ADVM has entered into a Promissory Note with LLY. The Promissory Note is secured by all of ADVM's assets, including all of its intellectual property rights, and enables ADVM to receive a loan of up to $65 million from Lilly,

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What's Happening Today

6 hours 10 min ago
RMi Note: Adverum Biotechnologies (ADVM) to be acquired for +$12.47 a share by Eli Lilly (LLY)

8 hours 27 min ago
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