Eli Lilly Acquires Adverum Biotechnologies

December 9, 2025

Eli Lilly and Company agreed to acquire Adverum Biotechnologies in a cash-and-contingent-value-rights tender offer for all outstanding shares. The total consideration is $3.56 per share in cash at closing plus a CVR that could pay up to $8.91 per share upon achievement of specified milestones, with the transaction expected to close in the fourth quarter of 2025.

Buyers
Eli Lilly and Company, Flying Tigers Acquisition Corporation
Targets
Adverum Biotechnologies, Inc.
Industry
Biotechnology
Location
California, United States
Transaction Type
Buyout

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