Eli Lilly agreed to acquire Adverum in a deal that transfers ownership of the biotech’s phase‑3 AAV gene therapy candidate for wet age‑related macular degeneration (ixo‑vec) to the Indianapolis pharma. The acquisition comes as Adverum faced dwindling cash reserves; Lilly will pay an upfront cash consideration with contingent value rights tied to regulatory and sales milestones. Company statements framed the purchase as an opportunity to convert a near‑market gene therapy program into a potentially one‑and‑done treatment for wAMD.