Eli Lilly agreed to acquire Adverum in a deal that moves gene‑therapy assets and programs into Lilly’s pipeline amid a tough market for standalone gene‑therapy developers. The transaction price for Adverum’s portfolio was reported below the company’s recent closing share price, signaling a discounted strategic buy amid sector-wide re-pricing of gene‑therapy valuations. Lilly said the acquisition expands its capabilities in ocular gene therapy and complements its existing research efforts; Adverum shareholders will receive the agreed consideration as the companies seek regulatory clearances and customary approvals.