Shots:
- Eli Lilly has entered into a definitive agreement to acquire Adverum Biotechnologies, incl. its asset Ixo-vec
- As per the deal, Lilly will acquire Adverum for $3.56/share plus a CVR of ~$8.91 per share, tied to milestones: for ~$1.78 per CVR on Ixo-vec’s FDA approval within 7yrs. of closing & ~$7.13 per CVR upon achieving $1B in annual global sales within 10yrs.; closing expected in Q4’25
- Ixo-vec is an intravitreal gene therapy for wet age-related macular degeneration, designed as a one-time treatment to provide continuous intraocular aflibercept delivery, & is being evaluated in the P-III (ARTEMIS) trial, which has completed screening
Ref: Eli Lilly | Image: Eli Lilly & Adverum | Press Release
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