Adverum Biotechnologies, Inc.: debt financing — Adverum Biotechnologies to be acquired by Eli Lilly for $3.56/sh plus CVRs worth up to $8.91/sh

Adverum Biotechnologies, Inc.

Acquisition price: $3.56 per share cash plus one non-tradable CVR per share with potential payments up to $8.91 upon milestones.
CVR milestones: $1.78/sh upon US regulatory approval for wet AMD (ADVM-022) by year 7; $7.13/sh if annual net sales exceed $1B by year 10.
Eli Lilly provides $65M secured promissory note (SOFR+10%) with up to four advances through Dec 2025, maturing Jan 22, 2026.
Merger via tender offer followed by Section 251(h) merger without stockholder vote; minimum tender condition of majority of shares.
Adverum Board unanimously recommends tendering shares; termination fee of $4M payable by Adverum under certain circumstances.

item 1.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.7

Adverum Biotechnologies, Inc. incurred loan.

Instrument: loan
Event: incurrence

Exact text from the filing

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 of this report under the caption titled “Secured Promissory Note”, including Exhibit 10.1 attached hereto, is incorporated by reference in this Item 2.03.

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Source: SEC EDGAR

accession 0001193125-25-249438

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