Eli Lilly agreed to acquire cash‑strapped Adverum in a deal that secures ixo‑vec, an AAV‑based gene therapy in phase 3 for wet age‑related macular degeneration. The transaction trades a modest upfront equity price for a contingent value right (CVR) that could pay additional sums if regulatory and sales milestones are met, reflecting the asset‑centric rescue of a company facing imminent liquidity exhaustion. Lilly framed the purchase as an opportunity to convert chronic intravitreal injection treatment paradigms into a one‑time therapy if ixo‑vec proves safe and effective at scale. Adverum’s leadership emphasized alignment with Lilly’s gene‑therapy capabilities; the CVR structure shifts some commercial risk onto future approvals and sales performance.