Eli Lilly agreed to acquire Adverum in a deal aimed at securing the biotech’s phase‑3 intravitreal gene therapy ixo‑vec for wet age‑related macular degeneration. Lilly’s offer values Adverum at a price below recent trading and includes contingent value rights tied to regulatory approval and sales milestones, reflecting the buyer’s desire to capture a one‑and‑done ophthalmology asset. Adverum warned its cash would be exhausted without a deal; Lilly positioned the acquisition as a strategic expansion of its genetic‑medicine portfolio for age‑related eye disease.