Eli Lilly to buy gene therapy developer Adverum in about $262 million deal

Core Viewpoint - Eli Lilly announced its acquisition of Adverum Biotechnologies, a gene therapy developer, in a deal valued at up to $261.7 million, aimed at enhancing its pipeline for experimental treatments for eye diseases [1] Company Summary - The acquisition is part of Eli Lilly's strategy to strengthen its product offerings in the gene therapy space, particularly focusing on eye diseases [1] - The deal reflects Eli Lilly's commitment to expanding its research and development capabilities in innovative therapies [1] Industry Summary - The gene therapy market is experiencing significant growth, with increasing interest from major pharmaceutical companies looking to invest in innovative treatment options [1] - This acquisition highlights the competitive landscape in the biotechnology sector, where companies are actively seeking to enhance their portfolios through strategic mergers and acquisitions [1]