Eli Lilly agreed to acquire Adverum in a deal that transfers the company’s phase‑3 intravitreal gene therapy ixo‑vec to Lilly as Adverum faced cash depletion. Lilly’s upfront is modest relative to prior market values; the transaction includes contingent value rights that can boost the total consideration if ixo‑vec hits regulatory and commercial targets. Lilly framed the deal as a strategic entry to one‑time treatments for wet age‑related macular degeneration and a way to expand its gene‑therapy efforts. Adverum’s board and management positioned the sale as a rescue that preserves the program’s path to potential approval.