Eli Lilly agreed to acquire Adverum in a deal that secures the AAV-based gene therapy ixo‑vec, currently in a Phase 3 study for wet age‑related macular degeneration (wAMD). The purchase price is modest versus earlier valuations; shareholders will receive $3.56 per share plus a contingent value right that can pay up to $8.91 if regulatory and sales milestones are met. Lilly said ixo‑vec could convert chronic intravitreal injections into a one‑time treatment, and positioned the acquisition as an opportunistic buy amid Adverum’s thin cash runway. Adverum warned its cash would run out absent a deal, which accelerated the sale process.