Pharma giants Eli Lilly and Adverum Biotechnologies have announced that Lilly’s subsidiary, Flying Tigers Acquisition Corporation, has successfully completed its tender offer to buy Adverum. 

 

The offer provided Adverum shareholders with $3.56 per share in cash, plus one non-tradable contingent value right (CVR) per share, giving holders the potential for up to $8.91 in additional cash if specified milestones are met.

 

Computershare Inc., acting as the depositary and paying agent, confirmed that 16,493,335 shares were validly tendered and not withdrawn, representing roughly 64% of Adverum’s outstanding shares. With all conditions of the offer satisfied, Lilly has accepted these shares and will promptly pay shareholders.

 

The acquisition closed on December 9, 2025, under the terms of the Agreement and Plan of Merger signed on October 24, 2025.

 

“This acquisition presents the opportunity to expand gene therapy's potential to alleviate the burden of age-related conditions, including vision loss,” said Andrew Adams, Lilly group vice president, Molecule Discovery. “We are excited to welcome Adverum colleagues to Lilly and work together to develop innovative genetic medicines.”