Eli Lilly finalizes purchase of Adverum Biotechnologies
Written by Emily J. Thompson, Senior Investment Analyst
Source: SeekingAlpha
Eli Lilly's Acquisition: Eli Lilly has completed its acquisition of Adverum Biotechnologies, gaining the gene therapy candidate Ixo-vec for treating wet age-related macular degeneration.
Financial Details: Lilly is paying $3.56 in cash per Adverum share, with a potential total value of $12.47 per share if certain milestones are achieved.
Adverum's Pipeline: Adverum has candidates in phase 1 for retinitis pigmentosa and Friedreich's ataxia, expanding Lilly's portfolio in gene therapy.
Market Developments: Eli Lilly's drugs, including Jaypirca, have shown success in trials and have been added to China's state insurance list, indicating a growing market presence.
Analyst Views on LLY
Wall Street analysts forecast LLY stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for LLY is 1078 USD with a low forecast of 800.00 USD and a high forecast of 1300 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
20 Analyst Rating
18 Buy
2 Hold
0 Sell
Strong Buy
Current: 1032.970
Low
800.00
Averages
1078
High
1300
Current: 1032.970
Low
800.00
Averages
1078
High
1300
About LLY
Eli Lilly and Company is a medicine company, which discovers, develops, manufactures, markets, and sells pharmaceutical products worldwide. Its cardiometabolic health products include Basaglar; Humalog, Humalog Mix 75/25, Humalog U-100, Humalog U-200, Humalog Mix 50/50, insulin lispro, and others; Humulin, Humulin 70/30, and others; Jardiance; Mounjaro; Trulicity; Zepbound; VERVE-102; VERVE-201, and VERVE-301. Its oncology products include Cyramza, Erbitux, Tyvyt, and Verzenio. Its immunology products include Ebglyss, Olumiant, Omvoh, and Taltz. Its neuroscience products include Emgality and Kisunla. The Company is also engaged in radiopharmaceutical discovery, development, and manufacturing efforts, and clinical and pre-clinical radioligand therapies in development for the treatment of cancer. It is also developing an oral small molecule inhibitor of a4b7 integrin for inflammatory bowel disease (IBD). It is evaluating its novel gene therapy candidate, ixoberogene soroparvovec.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
