Eli Lilly agreed to acquire cash‑strapped Adverum in a deal centered on ixo‑vec, the company’s phase‑3 intravitreal AAV gene therapy for wet age‑related macular degeneration. The transaction includes a modest upfront equity component plus a non‑transferable contingent value right that can pay up to ~$8.91 per share if regulatory and commercial milestones are met. Adverum’s limited runway and ixo‑vec’s one‑and‑done promise for wAMD framed Lilly’s purchase as both a rescue and strategic extension of its genetic medicine efforts. Lilly executives described ixo‑vec as a potential shift from chronic intravitreal injections to a single‑administration therapy; Adverum management said the deal preserves development continuity.