Eli Lilly agreed to acquire cash‑strapped Adverum for an upfront cash consideration and contingent value rights tied to the success of Adverum’s phase‑3 AAV gene therapy ixo‑vec for wet age‑related macular degeneration (wAMD). Lilly said the asset aims to convert chronic intravitreal injections into a potential one‑time treatment if approved. Adverum’s board and management framed the deal as a rescue of a near‑cash‑exhausted biotech and underscored ixo‑vec’s clinical progress; Lilly highlighted the program’s potential to transform chronic retinal care. Deal terms include modest upfront payment and milestone‑linked upside via non‑transferable CVRs contingent on regulatory approvals and sales thresholds.