Eli Lilly Bolsters Gene Therapy Ambitions with Adverum Acquisition

Pharmaceutical giant Eli Lilly and Company has moved to strengthen its gene therapy portfolio through the strategic acquisition of Adverum Biotechnologies. The deal, which was finalized in December 2025, centers on a promising one-time treatment candidate for a leading cause of vision loss.

The takeover was completed last December, as confirmed by Eli Lilly during its recent fourth-quarter earnings presentation. Under the terms of the agreement, Eli Lilly paid $3.56 per share to take Adverum private and fully integrate its operations. Former Adverum shareholders also received contingent value rights (CVRs), which provide for potential additional payments if certain predefined developmental milestones are achieved.

The primary asset driving this acquisition is ixoberogene soroparvovec, known as Ixo-vec. This investigational gene therapy targets wet age-related macular degeneration (wet AMD), a condition that currently requires patients to undergo frequent eye injections. Ixo-vec is designed as a single-administration treatment, potentially offering a significant reduction in the treatment burden for individuals managing this chronic eye disease.

Should investors sell immediately? Or is it worth buying Adverum Biotechnologies?

Accelerated Clinical Development Timeline

The clinical progress of Ixo-vec has advanced more rapidly than initially anticipated. A key Phase 2 study, LUNA, yielded positive interim data, increasing the asset's appeal. Subsequently, patient screening for the pivotal Phase 3 trial, named ARTEMIS, concluded ahead of schedule in September 2025. Full enrollment for this crucial late-stage study was completed in the final quarter of last year.

By integrating Adverum's pipeline, Eli Lilly aims to expand its footprint in the treatment of prevalent ophthalmic conditions. The acquisition provides the company with a technology that could offer durable advantages over standard anti-VEGF injection therapies. The focus now shifts to clinical data readouts, with the first meaningful topline results from the Phase 3 ARTEMIS trial expected in the first quarter of 2027.

This move represents a calculated expansion for Eli Lilly into a specialized therapeutic area, complementing its existing research and development efforts. The success of Ixo-vec will be a key determinant in whether the company can establish a sustained and dominant presence in the ophthalmology sector.