Adverum to Be Acquired by Lilly

New York – October 24, 2025 – Cooley advised Adverum Biotechnologies, a clinical-stage company pioneering the use of intravitreal gene therapy with the aim of preserving sight for life in highly prevalent ocular diseases, on its definitive agreement to be acquired by Eli Lilly and Company.

Under the terms of the merger agreement, Lilly will commence a tender offer to acquire all the outstanding shares of Adverum common stock for a per-share price of $3.56, payable in cash at closing, plus one nontransferrable contingent value right (CVR) that entitles the holder to receive up to an additional $8.91 in cash upon the achievement of two milestones for a potential per-share consideration of up to $12.47. In connection with the merger agreement, Adverum has entered into a promissory note with Lilly, which enables Adverum to receive a loan of up to $65 million from Lilly to support operations before the anticipated closing of the transaction.

Lawyers Bill Roegge, Jason Kent, Addison Pierce, Ryan Genkin, Parth Bhatt, Jackson Alldredge, Susan Choy and Charlotte Yin led the Cooley team advising Adverum.

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