Eli Lilly agreed to acquire cash-strapped Adverum in a deal that secures ixo-vec, an AAV-based intravitreal gene therapy in Phase 3 for wet age-related macular degeneration. The transaction values Adverum at roughly $3.56 per share up front, plus contingent value rights that could lift total consideration substantially if regulatory and sales milestones are met. Lilly positioned the purchase as a strategic extension of its aging and genetic-medicine efforts. Adverum’s limited cash runway and the program’s late-stage status made it an acquisitive target; Lilly highlighted ixo-vec’s potential to shift wAMD treatment from repeated injections to a one-time therapy. The deal underscores continued appetite among major pharmas to pick up gene-therapy assets at distressed valuations and reflects industry consolidation as developers face steep manufacturing and commercialization costs.