Eli Lilly agreed to acquire Adverum Biotechnologies to secure ixo-vec, an intravitreal AAV gene therapy in a Phase 3 study for wet age-related macular degeneration. The transaction pays Adverum shareholders $3.56 a share plus a non‑transferable contingent value right (CVR) that can deliver up to $8.91 per share if regulatory approvals and sales milestones are met. Lilly framed the deal as an opportunity to convert a one-time gene therapy approach into a scalable commercial program, while Adverum cited an imminent cash shortfall that made the deal time-sensitive. The acquisition transfers late‑stage clinical risk to Lilly and preserves the program’s development continuity; it also illustrates Big Pharma appetite for gene therapy assets at distressed valuations.