Eli Lilly Taps Eyecare Market With Definitive Agreement to Acquire Adverum Biotechnologies

INDIANAPOLIS and REDWOOD CITY, Calif.—Eli Lilly and Company (NYSE: LLY) and Adverum Biotechnologies, Inc., (Nasdaq: ADVM), a clinical-stage company pioneering the use of intravitreal gene therapy with the aim of preserving sight for life in highly prevalent ocular diseases, have announced a definitive agreement for Lilly to acquire Adverum Biotechnologies, Inc. Adverum is developing a pipeline of intravitreal, single-administration gene therapies with the aspiration of developing functional cures to restore vision and prevent blindness, the announcement said.