M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Eli Lilly & Co to acquire Adverum Biotechnologies, Inc.
Announced Oct 24, 2025 · Closed Dec 9, 2025
Deal value$75MEV $32M
Premium26.0%To unaffected price
EV / Adj. EBITDA—32.3x EV / Revenue
ConsiderationAll cash$3.56 per share
Transaction
- Acquirer
- Eli Lilly & Co (LLY)
- Target
- Adverum Biotechnologies, Inc. (ADVM)
- Buyer type
- Strategic
- Offer price per share
- $3.56
- Enterprise value
- $32M
- Status
- Closed Dec 9, 2025
Deal protections
- Break fee (target pays)
- $4.0M · 5.4%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Aquilo Partners
Sector context · Healthcare
- Comparable deals
- 95 in the prior 24 months
- Premium
- 26.0% vs. 60.0% sector median
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 5.4% vs. 3.3% sector median
Timeline
- AnnouncedOct 24, 2025
- Tender offerNov 7, 2025
- ClosedDec 9, 2025
Valuation · fairness opinions
Trading comparables$6.05$10.61
Trading comparables$0.84$11.32
Trading comparables$0.62$0.64
Offer $3.56
Implied value per Adverum Biotechnologies, Inc. share by analysis, from Aquilo Partners · DCF discount rate 25%–35%.