Lilly Completes Acquisition of Adverum

Tender Offer Expiration

Eli Lilly and Company and Adverum Biotechnologies announced the expiration of Lilly's tender offer to purchase all outstanding shares of Adverum's common stock. The offer expired at 11:59 p.m. Eastern Time on December 8, 2025.

Shareholder Response

As of the expiration time, 16,493,335 shares, representing approximately 64% of Adverum's issued and outstanding shares, were validly tendered and not withdrawn. All conditions of the offer have been satisfied.

Financial Details

Lilly will pay $3.56 per share in cash, along with a non-tradable contingent value right (CVR) per share. The CVR represents the right to receive up to two contingent cash payments totaling up to $8.91 per CVR, contingent on achieving specified milestones.

Acquisition Completion

The acquisition is expected to be finalized on December 9, 2025, in accordance with the Agreement and Plan of Merger dated October 24, 2025, involving Adverum, Lilly, and Flying Tigers Acquisition Corporation, a wholly-owned subsidiary of Lilly.

Advisors

Ropes & Gray LLP is serving as legal counsel for Lilly. Aquilo Partners, L.P. is acting as exclusive financial advisor for Adverum, with Cooley LLP as legal counsel.