Lilly and Adverum Announce Completion of Acquisition and Tender Offer

Eli Lilly and Company and Adverum Biotechnologies announced the expiration and completion of the Adverum tender offer and acquisition. The tender offer expired on December 8, 2025, with 16,493,335 shares (64% of outstanding shares) validly tendered. All conditions for the offer have been satisfied, and the acquisition is expected to be completed on December 9, 2025. Lilly will acquire Adverum for $3.56 per share and up to $8.91 per share in contingent payments upon specified milestones.