# EDGAR Filing Document

**Accession Number:** 0001501756
**File Stem:** 0001193125-25-249440
**Filing Date:** 2025-10
**Character Count:** 101366
**Document Hash:** 4915a58cd120245ecec19b7b3d69f8c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-249440.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0001193125-25-249440

**CONFORMED SUBMISSION TYPE**: SC14D9C

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251024

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Adverum Biotechnologies, Inc.
- **CENTRAL INDEX KEY:** 0001501756
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 205258327
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC14D9C
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-88266
- **FILM NUMBER:** 251414518

**BUSINESS ADDRESS:**
- **STREET 1:** 100 CARDINAL WAY
- **CITY:** REDWOOD CITY
- **STATE:** CA
- **ZIP:** 94063
- **BUSINESS PHONE:** (650) 649-1004

**MAIL ADDRESS:**
- **STREET 1:** 100 CARDINAL WAY
- **CITY:** REDWOOD CITY
- **STATE:** CA
- **ZIP:** 94063

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Avalanche Biotechnologies, Inc.
- **DATE OF NAME CHANGE:** 20100921
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Adverum Biotechnologies, Inc.
- **CENTRAL INDEX KEY:** 0001501756
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 205258327
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC14D9C

**BUSINESS ADDRESS:**
- **STREET 1:** 100 CARDINAL WAY
- **CITY:** REDWOOD CITY
- **STATE:** CA
- **ZIP:** 94063
- **BUSINESS PHONE:** (650) 649-1004

**MAIL ADDRESS:**
- **STREET 1:** 100 CARDINAL WAY
- **CITY:** REDWOOD CITY
- **STATE:** CA
- **ZIP:** 94063

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Avalanche Biotechnologies, Inc.
- **DATE OF NAME CHANGE:** 20100921

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE 14D-9** 

**Solicitation/Recommendation Statement** 

**Under Section 14(d)(4) of the Securities Exchange Act of 1934** 

## Adverum Biotechnologies, Inc.
**(Name of Subject Company)** 

**(Name of Persons Filing Statement)** 

**Common stock, par value $0.0001 per share** 

**(Title of Class of Securities)** 

**00773U207** 

**(CUSIP Number of Class of Securities)** 

**Linda Rubinstein** 

**Chief Financial Officer** 

**Adverum Biotechnologies, Inc.** 

**100 Cardinal Way** 

**Redwood City, California 94063** 

**(650) 656-9323** 

**(Name, address, and telephone number of person authorized to receive notices and communications on behalf of the persons filing statement)** 

***With a copy to:***

**Jason L. Kent** 

**William Roegge** 

**Cooley LLP** 

**55 Hudson Yards** 

**New York, New York 10001** 

**(212) 479-6000** 

☒ Check the box if the filing relates solely to preliminary communications made before the commencement of a
tender offer.

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This Schedule 14D-9 filing consists of certain communications relating to the proposed acquisition of Adverum Biotechnologies, Inc., a Delaware corporation (the "Company" or "Adverum Biotechnologies"), by Eli Lilly and Company, an Indiana corporation ("Parent"), and Flying Tigers Acquisition Corporation, a Delaware corporation and a wholly owned direct subsidiary of Parent ("Purchaser"), pursuant to the terms and subject to the conditions of an Agreement and Plan of Merger, dated as of October 24, 2025 (the "Merger Agreement"), by and among the Company, Parent and Purchaser.

Pursuant to the Merger Agreement, upon the terms and subject to the conditions thereof, Purchaser will commence a tender offer (the "Offer") to purchase all of the issued and outstanding shares (the "Shares") of common stock, par value $0.0001 per share, of the Company in exchange for (i) $3.56 per Share, net to the stockholder in cash, without interest and less any applicable tax withholding, plus (ii) one non-tradable contingent value right (each, a "CVR"), which represents the contractual right to receive up to two contingent cash payments of up to an aggregate of $8.91 per CVR, net to the stockholder in cash, without interest and less any applicable tax withholding, upon the achievement of certain specified milestones in accordance with the terms and subject to the conditions of a contingent value rights agreement to be entered into with a rights agent selected by Parent and reasonably acceptable to the Company.

If consummated, the Offer will be followed by a merger of Purchaser with and into the Company (the "Merger") pursuant to Section 251(h) of the Delaware General Corporation Law, with the Company continuing as the surviving corporation in the Merger.

This Schedule 14D-9 filing consists of the following communications relating to the proposed Offer and the Merger:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Exhibit 99.1: Joint Press Release of Eli Lilly and Company and Adverum Biotechnologies, Inc., dated October 24, 2025.](d41892dex991.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Exhibit 99.2: Email from Laurent Fischer, MD, President and Chief Executive Officer of the Company, sent to employees, dated October 24, 2025.](d41892dex992.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Exhibit 99.3: Employee FAQ, dated October 24, 2025.](d41892dex993.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Exhibit 99.4: Investor FAQ, dated October 24, 2025.](d41892dex994.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Exhibit 99.5: LinkedIn Post, dated October 24, 2025.](d41892dex995.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Exhibit 99.6: Key Opinion Leader Letter, dated October 24, 2025.](d41892dex996.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Exhibit 99.7: Investigators and Site Staff Letter, dated October 24, 2025.](d41892dex997.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Exhibit 99.8: Vendor, Supplier and Contractor Letter, dated October 24, 2025.](d41892dex998.htm)

**<u>Important Information about the Tender Offer and Where to Find It</u>**

The Offer for the outstanding shares of common stock of the Company referred to in this Current Report on Form 8-K has not yet commenced. The description contained in this Current Report on Form 8-K is for informational purposes only, is not a recommendation and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the tender offer materials that Parent and Purchaser will file with the SEC upon commencement of the tender offer. The solicitation and offer to buy outstanding shares of the Company's common stock will only be made pursuant to the tender offer materials that Parent and Purchaser will file with the SEC. At the time the Offer is commenced, Parent and Purchaser will file a tender offer statement on Schedule TO and thereafter the Company will file a solicitation/recommendation statement on Schedule 14D-9 with the SEC with respect to the Offer.

------

THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES OF COMMON STOCK IN THE OFFER.

The tender offer materials (including the offer to purchase and the related the letter of transmittal) as well as the solicitation/recommendation statement, will be made available to all stockholders of the Company at no expense to them at the Company's website at https://investors.adverum.com and (once they become available) will be mailed to stockholders of the Company free of charge. The information contained in, or that can be accessed through, the Company's website is not a part of, or incorporated by reference in, this filing. The tender offer materials (including the offer to purchase and the related the letter of transmittal) as well as the solicitation/recommendation statement, will also be available for free at the SEC's website at www.sec.gov.

In addition to the offer to purchase, the related letter of transmittal and certain other tender offer documents, as well as the solicitation/recommendation statement, the Company and Parent file annual, quarterly and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by the Company and Parent with the SEC for free on the SEC's website at www.sec.gov.

## Exhibit 99.1

**Exhibit 99.1** 

---

| | |
|:---|:---|
| ![LOGO](g70157dsp1a.jpg) | ![LOGO](g70157dsp1aa.jpg) |

---

October 24, 2025

---

| | |
|:---|:---|
| **For Release:** | Immediately |
| **Refer to:** | Ashley Hennessey; <u>gentry_ashley_jo@lilly.com</u> ; 317-416-4363 (Media) |
|  | Jason Awe, PhD; j<u>awe@adverum.com</u>**;** (Adverum) |
|  | Michael Czapar; <u>czapar_michael_c@lilly.com</u>; 317-617-0983 (Investors) |

---

**Lilly to Acquire Adverum Biotechnologies** 

*Adverum's lead program, Ixo-vec, is a Phase 3 gene therapy designed to treat vision loss associated with wet age-related macular degeneration with a single intravitreal dose* 

*Acquisition aligns Lilly's genetic medicine capabilities with opportunity to expand gene therapy's potential to alleviate the burden of age-related diseases* 

INDIANAPOLIS and REDWOOD CITY, Calif., October 24, 2025 – Eli Lilly and Company (NYSE: LLY) and Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage company pioneering the use of intravitreal gene therapy with the aim of preserving sight for life in highly prevalent ocular diseases, today announced a definitive agreement for Lilly to acquire Adverum Biotechnologies, Inc. ("Adverum"), including its lead product candidate, Ixo-vec.

Adverum is developing a pipeline of intravitreal single-administration gene therapies with the aspiration of developing functional cures to restore vision and prevent blindness. Its lead product candidate, Ixo-vec, is an intravitreal gene therapy being developed for the treatment of wet age-related macular degeneration (wAMD). This serious, chronic and progressive retinal disease affects millions of people worldwide. Ixo-vec is designed as a single one-time treatment to deliver continuous and stable intraocular aflibercept levels, thereby reducing the significant patient burden associated with current chronic anti-VEGF therapies, while also potentially leading to improved vision outcomes.

Ixo-vec is being evaluated in the ARTEMIS Phase 3 clinical trial, which has completed screening. The program has been granted Fast Track and Regenerative Medicine Advanced Therapy (RMAT) designations by the U.S. Food and Drug Administration, as well as PRIME designation by

the European Medicines Agency and the Innovation Passport from the United Kingdom's Medicines and Healthcare Products Regulatory Agency for the treatment of wAMD.

![LOGO](g70157dsp1b.jpg)

------

"Ixo-vec has the potential to transform wAMD treatment from a paradigm of chronic care with repeated intravitreal injections to a convenient one-time therapy," said Andrew Adams, Lilly group vice president, Molecule Discovery. "We are eager to welcome Adverum colleagues to Lilly and to help accelerate this innovative medicine to patients."

"We are excited about the potential to join Lilly, with a proven track record in the discovery, development, and commercialization of innovative medicines for chronic and age-related conditions," said Laurent Fischer, M.D., president and chief executive officer of Adverum Biotechnologies. "We share Lilly's commitment to healthy aging and genetic medicines innovation. Their scientific depth and global reach offer the opportunity to accelerate our vision to deliver a transformative One and Done<sup>™</sup> therapy that can potentially restore and preserve vision for millions of patients living with wAMD. My deepest appreciation goes out to the entire Adverum team for their expertise, creativity and commitment. We are also grateful to the investigators, patients and caregivers who have contributed to the success of Ixo-vec thus far."

Under the terms of the merger agreement, Lilly will commence a tender offer to acquire all of the outstanding shares of Adverum common stock for a per share price of (1) $3.56 per share in cash payable at closing plus (2) one non-transferrable contingent value right (CVR) that entitles the holder to receive up to an additional $8.91 per CVR in cash upon the achievement of two milestones described below, for total potential per share consideration of up to $12.47.

The CVR provides payments if and when the following milestones are achieved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Up to $1.78 per CVR in cash payable upon U.S. approval of Ixo-vec prior
to the seventh anniversary of closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Up to $7.13 per CVR in cash payable upon the first achievement of annual worldwide net sales of Ixo-vec by Lilly, its affiliates or licensees exceeding $1.0 billion dollars prior to the tenth anniversary of closing.

The transaction is subject to closing conditions that appear in the merger agreement and tender offer documents that will be filed with the SEC, including the tender of a majority of the outstanding shares of Adverum's common stock. These conditions do not include a financing condition. The transaction is expected to close in the fourth quarter of 2025, subject to satisfaction of the closing conditions. If the tender offer successfully closes, then Lilly would acquire any shares of Adverum that are not tendered in the tender offer through a second-step merger for the same consideration as is paid in the tender offer.

------

In conjunction with the transaction, Adverum has entered into a Promissory Note (the "Promissory Note") with Lilly. The Promissory Note is secured by all of Adverum's assets, including all of its intellectual property rights, and enables Adverum to receive a loan of up to $65 million from Lilly, drawable by Adverum in four installments, subject to specified conditions, to support ongoing Ixo-vec clinical trials and registrational development activities prior to the anticipated closing of the transaction. Funding obligations cease and the Promissory Note immediately becomes due if the transaction is terminated, including as a result of the minimum tender condition not being satisfied. Absent funds provided by Lilly under the Promissory Note, Adverum's remaining cash and cash equivalents were expected to finance only its October 2025 operations and wind down activities.

The transaction was unanimously approved by Adverum's board of directors following a comprehensive evaluation of strategic alternatives. This evaluation process included numerous discussions with potential partners and buyers. In addition, the board of directors evaluated a range of potential sources of additional capital and financing options. It was determined that the merger agreement with Lilly, inclusive of the potential upside for Adverum's stockholders of the CVR as Lilly advances development of Ixo-vec, is in the best interests of Adverum and its stockholders.

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

**About Lilly** 

Lilly is a medicine company turning science into healing to make life better for people around the world. We've been pioneering life-changing discoveries for nearly 150 years, and today our medicines help tens of millions of people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world's most significant health challenges: redefining diabetes care; treating obesity and curtailing its most devastating long-term effects; advancing the fight against Alzheimer's disease; providing solutions to some of the most debilitating immune system disorders; and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we're motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. F-LLY

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**About Adverum Biotechnologies** 

Adverum Biotechnologies (NASDAQ: ADVM) is a clinical-stage company that aims to establish gene therapy as a new standard of care for highly prevalent ocular diseases with the aspiration of developing functional cures to restore vision and prevent blindness. Leveraging the capabilities of its proprietary intravitreal platform, Adverum is developing durable, single-administration therapies, designed to be delivered in physicians' offices, to eliminate the need for frequent ocular injections to treat these diseases. Adverum is evaluating its novel gene therapy candidate, ixoberogene soroparvovec (Ixo-vec, formerly referred to as ADVM-022), as a one-time, IVT injection for patients with neovascular or wet age-related macular degeneration. Additionally, by overcoming the challenges associated with current treatment paradigms for debilitating ocular diseases, Adverum aspires to transform the standard of care, preserve vision, and create a profound societal impact around the globe.

**About Ixo-vec in Wet AMD** 

Adverum is developing ixoberogene soroparvovec (Ixo-vec, formerly referred to as ADVM-022), its clinical-stage gene therapy product candidate, for the treatment of wet AMD. Ixo-vec utilizes a proprietary vector capsid, AAV.7m8, carrying an aflibercept coding sequence under the control of a proprietary expression cassette. Unlike other ophthalmic gene therapies that require surgery to administer the gene therapy under the retina (sub-retinal approach), Ixo-vec is designed to be administered as a one-time IVT injection in the physician's office, deliver long-term efficacy, reduce the burden of frequent anti-VEGF, optimize patient compliance, and improve vision outcomes for patients with wet AMD. In recognition of the need for new treatment options for wet AMD, FDA granted Fast Track and Regenerative Medicine Advanced Therapy (RMAT) designations for Ixo-vec for the treatment of wet AMD. Ixo-vec has also received PRIME designation from the EMA and the Innovation Passport from the United Kingdom's Medicines and Healthcare Products Regulatory Agency for the treatment of wet AMD.

**Forward-looking Statements** 

This press release contains forward-looking statements regarding Lilly's proposed acquisition of Adverum, regarding prospective benefits of the proposed acquisition and Adverum's gene editing programs for retinal disease, regarding potential contingent consideration amounts and terms, regarding the anticipated occurrence, manner and timing of the proposed tender offer and the closing of the proposed acquisition, regarding Adverum's cash runway and prospects, regarding the potential availability of financing under the Promissory Note to Adverum, regarding Adverum's product candidates and ongoing clinical and preclinical development, and regarding Lilly's development of programs for ophthalmology and advancement of gene therapies. All statements other than

------

statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, including with respect to consummating the proposed acquisition and any competing offers or acquisition proposals for Adverum, drug research, development and commercialization, Adverum's prospects, uncertainties as to how many of Adverum's stockholders will tender their stock in the tender offer, the effects of the proposed acquisition (or the announcement thereof) on Adverum's stock price, relationships with key third parties or governmental entities, regulatory changes and developments, the impact of global macroeconomic conditions, including trade and other global disputes and interruptions, including related to tariffs, trade protection measures, and similar restrictions, transaction costs, risks that the proposed acquisition disrupts current plans and operations or adversely affects employee retention, potentially diverting management's attention from Adverum's ongoing business operations, changes in Adverum's business during the period between announcement and closing of the proposed acquisition, and any legal proceedings that may be instituted related to the proposed acquisition. Actual results could differ materially due to various factors, risks and uncertainties. Among other things, there can be no guarantee that the proposed acquisition will be completed in the anticipated timeframe or at all, that the conditions required to complete the proposed acquisition or provide Adverum financing under the Promissory Note will be met, that any event, change or other circumstance that could give rise to the termination of the merger agreement or the Promissory Note will not occur, that Lilly will realize the expected benefits of the proposed acquisition, that product candidates will be approved on anticipated timelines or at all, that any products, if approved, will be commercially successful, that all or any of the contingent consideration will become payable on the terms described herein or at all, that Lilly's financial results will be consistent with its expected 2025 guidance or that Lilly can reliably predict the impact of the proposed acquisition on its financial results or financial guidance. For further discussion of these and other risks and uncertainties, see Lilly's and Adverum's most recent Form 10-K and Form 10-Q filings with the U.S. Securities and Exchange Commission (SEC). Except as required by law, neither Lilly nor Adverum undertakes any duty to update forward-looking statements to reflect events after the date of this filing.

**Additional Information about the Acquisition and Where to Find It** 

The tender offer for all of the outstanding shares of Adverum described in this communication has not yet commenced. This press release is for informational purposes only, is not a recommendation and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the tender offer materials that Lilly and its acquisition subsidiary will file with the SEC upon commencement of the tender offer. A solicitation and offer to buy outstanding shares of Adverum will only be made pursuant to the tender offer materials that Lilly and its acquisition subsidiary intend to file with the SEC. At the time the tender offer is commenced, Lilly and its acquisition subsidiary will file tender offer materials on Schedule TO, and Adverum will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF ADVERUM ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF ADVERUM SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES OF COMMON STOCK IN THE TENDER OFFER. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all stockholders of Adverum at no expense to them at Lilly's website at investor.lilly.com and (once they become available) will be mailed to the stockholders of Adverum free of charge. The information contained in, or that can be accessed through, Lilly's website is not a part of, or incorporated by reference herein. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at www.sec.gov. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, Lilly and Adverum file annual, quarterly, and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by Lilly and Adverum with the SEC for free on the SEC's website at www.sec.gov.

## Exhibit 99.2

**Exhibit 99.2** 

Adverum Employee Email

***Sender***: Laurent Fischer, MD, President and CEO

***Subject***: Important Update on the Next Step in Our Adverum Journey

***Send Date***: October 24, 2025

***Distribution***: All Employees

Dear Adverum Team,

Since day one, our mission at Adverum has been clear: to establish gene therapy as the new standard of care for vision loss. Together, we have built a company and a product candidate, Ixo-vec, that stands as a potential paradigm-shifting innovation for patients with wet AMD. Every Adverum employee has played a vital role in advancing our science, our pipeline, and our reputation as pioneers in ocular gene therapy.

Today, I am excited to share a significant milestone in our journey. We have entered into a definitive agreement for Eli Lilly and Company to acquire Adverum. Lilly is a global leader in pharmaceutical innovation, and this proposed transaction is a powerful validation of our science, our people, and our mission. A copy of the press release announcing the transaction can be found <u>here</u>.

The transaction was unanimously approved by Adverum's Board of Directors following a comprehensive evaluation of strategic alternatives. This evaluation process included numerous discussions with potential partners and buyers. In addition, the Board evaluated a range of potential sources of additional capital and financing options. It was determined that the merger agreement with Lilly, inclusive of the potential upside for Adverum's stockholders of the contingent value right (CVR) as Lilly advances development of Ixo-vec, is in the best interests of Adverum and its stockholders.

**What does this mean for us?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accelerated Potential Patient Impact:** Lilly's established leadership in multi-modality genetic
medicine, industry-leading manufacturing, and global commercialization capabilities can help us bring Ixo-vec to patients worldwide, pending successful Phase 3 trials and regulatory approvals, delivering on
our mission to seek to transform care for millions living with wet AMD.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Business Continuity:** Until the proposed transaction closes, Adverum remains an independent company.
Patients, investigators, and partners expect the same commitment and support from our team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Integration Planning:** Our team will collaborate with Lilly to develop a comprehensive and well-considered
integration strategy. Further decisions will be made as we approach closing, and we will keep you informed along the way.

**Next Steps:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lilly is obligated to commence a tender offer as promptly as practicable but no later than 10 business days from
today's date to acquire all of Adverum's outstanding shares for a price of $3.56 per share in cash at closing, plus a non-transferrable CVR to receive up to an aggregate of $8.91 per share in cash,
payable upon achievement of specified regulatory and commercial milestones. We expect to close the proposed transaction in the fourth quarter of 2025, subject to satisfaction or waiver of required closing conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Please join us for an **All-Employee Town Hall at 9:00 AM PT on Friday, 10/24/25** to discuss this news and answer your questions. A calendar invitation will follow shortly. We have attached a **Frequently Asked Questions** document to help address common questions. Please continue to send us your
questions—they are invaluable in shaping our communications and supporting each other through this transition.

**External Communications:** 

Announcements like these may draw increased attention. It is critical that we speak with one voice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Please do not respond to external inquiries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Forward all investor or media inquiries regarding our company and the proposed transaction to our Head of
IR & Corporate Communications, Jason Awe at jawe@adverum.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not post or comment about the proposed transaction on social media or external forums. You can like or repost **without** adding any additional comments, but please do not post any comments of your own.

**Thank You:** 

On behalf of the Board and leadership team, thank you for your dedication, resilience, and commitment to our mission and our patients.

------

This is only the beginning of an exciting new chapter. Let's continue to support each other and our patients as we move forward, together.

Sincerely,

Laurent

**Forward-looking Statements** 

This email contains forward-looking statements regarding Lilly's proposed acquisition of Adverum, regarding prospective benefits of the proposed acquisition and Adverum's gene editing programs for retinal disease, regarding potential contingent consideration amounts and terms, regarding the anticipated occurrence, manner and timing of the proposed tender offer and the closing of the proposed acquisition, regarding Adverum's cash runway and prospects, regarding the potential availability of financing under the Promissory Note to Adverum, regarding Adverum's product candidates and ongoing clinical and preclinical development, and regarding Lilly's development of programs for ophthalmology and advancement of gene therapies. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, including with respect to consummating the proposed acquisition and any competing offers or acquisition proposals for Adverum, drug research, development and commercialization, Adverum's prospects, uncertainties as to how many of Adverum's stockholders will tender their stock in the tender offer, the effects of the proposed acquisition (or the announcement thereof) on Adverum's stock price, relationships with key third parties or governmental entities, regulatory changes and developments, the impact of global macroeconomic conditions, including trade and other global disputes and interruptions, including related to tariffs, trade protection measures, and similar restrictions, transaction costs, risks that the proposed acquisition disrupts current plans and operations or adversely affects employee retention, potentially diverting management's attention from Adverum's ongoing business operations, changes in Adverum's business during the period between announcement and closing of the proposed acquisition, and any legal proceedings that may be instituted related to the proposed acquisition. Actual results could differ materially due to various factors, risks and uncertainties. Among other things, there can be no guarantee that the proposed acquisition will be completed in the anticipated timeframe or at all, that the conditions required to complete the proposed acquisition or provide Adverum financing under the Promissory Note will be met, that any event, change or other circumstance that could give rise to the termination of the merger agreement or the Promissory Note will not occur, that Lilly will realize the expected benefits of the proposed acquisition, that product candidates will be approved on anticipated timelines or at all, that any products, if approved, will be commercially successful, that all or any of the contingent consideration will become payable on the terms described herein or at all, that Lilly's financial results will be consistent with its expected 2025 guidance or that Lilly can reliably predict the impact

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of the proposed acquisition on its financial results or financial guidance. For further discussion of these and other risks and uncertainties, see Lilly's and Adverum's ' most recent Form 10-K and Form 10-Q filings with the U.S. Securities and Exchange Commission (SEC). Except as required by law, neither Lilly nor Adverum undertakes any duty to update forward-looking statements to reflect events after the date of this filing.

**Additional Information about the Acquisition and Where to Find It** 

The tender offer for all of the outstanding shares of Adverum described in this communication has not yet commenced. This email is for informational purposes only, is not a recommendation and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the tender offer materials that Lilly and its acquisition subsidiary will file with the SEC upon commencement of the tender offer. A solicitation and offer to buy outstanding shares of Adverum will only be made pursuant to the tender offer materials that Lilly and its acquisition subsidiary intend to file with the SEC. At the time the tender offer is commenced, Lilly and its acquisition subsidiary will file tender offer materials on Schedule TO, and Adverum will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF ADVERUM ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF ADVERUM SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES OF COMMON STOCK IN THE TENDER OFFER. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all stockholders of Adverum at no expense to them at Lilly's website at investor.lilly.com and (once they become available) will be mailed to the stockholders of Adverum free of charge. The information contained in, or that can be accessed through, Lilly's website is not a part of, or incorporated by reference herein. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at www.sec.gov. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, Lilly and Adverum file annual, quarterly, and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by Lilly and Adverum with the SEC for free on the SEC's website at www.sec.gov.

## Exhibit 99.3

**Exhibit 99.3** 

Employee Q&A

**1.** **What was announced today?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverum has entered into a definitive agreement to be acquired by Eli Lilly and Company (Lilly) for a purchase
price of $3.56 per share in cash plus one non-tradeable contingent value right (or CVR) per share that entitles the holder to receive up to two contingent cash payments of up to an aggregate of $8.91 per
share, payable upon achievement of specified regulatory and commercial milestones for total consideration of up to $12.47.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To get to closing, there are additional steps that need to occur, including the satisfaction or waiver of
required closing conditions, such as the tender of at least a majority of Adverum's outstanding common stock in the tender offer Lilly will commence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We currently expect that closing will occur in the fourth quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When we join the Lilly team, Adverum will have access to Lilly's global research, clinical, regulatory and
commercial capabilities, and will be in an even stronger position to develop Ixo-vec in hopes of bringing it to patients worldwide and to address the unmet need in wet AMD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Today's announcement is a testament to the remarkable work all of us have done to bring a novel gene
therapy to the clinic with the aim to change the treatment paradigm and transform the lives of millions of patients with wet AMD worldwide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional details of the transaction will be made publicly available in Lilly and Adverum's SEC filings.

**2.** **Why is Lilly acquiring Adverum? Why now?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction enables Lilly to reinforce its position in the growing gene therapy space with a phase 3 asset
for wet AMD

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lilly is excited to build on Adverum's pioneering work and pursue the science behind Ixo-vec to meet the high unmet need in wet AMD, and sees this as an opportunity to potentially redefine the standard of care in retinal disease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Through Lilly's strong research, clinical, regulatory capabilities and global footprint, Lilly believes it
is well positioned to advance the development of Ixo-vec and eventually bring it to patients pending a successful Phase 3 trial and regulatory approvals.

**3.** **Why did Adverum agree to be purchased by Lilly?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Board of Directors regularly reviews opportunities to ensure we are pursuing the best path to advance our
strategy and enhance value for stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Board of Directors evaluated the transaction in a thoughtful and deliberate manner, which included thorough
negotiation and a close review of our company's outlook. The Board of Directors believes that combining our company with Lilly brings significant expertise in research, development, and regulatory capabilities and is in the best interest of
our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition, we believe that Lilly's global research, clinical, and regulatory capabilities will increase
the probability of success in advancing the development of our intravitreal, single-administration gene therapy and the potential to restore and preserve vision for millions of patients living with wet AMD.

------

**4.** **When is the transaction expected to close?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction is currently expected to close in the fourth quarter of 2025, subject to the satisfaction or
waiver of required customary closing conditions, including the tender of at least a majority of Adverum's outstanding common stock in the tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverum and Lilly will continue to operate as separate, independent entities prior to the closing of the
transaction.

**5.** **What will the integration of Adverum into Lilly look like?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverum and Lilly will work together on an integration plan. After the transaction closes, Adverum will have
access to Lilly's global research, clinical and regulatory capabilities, and will be in an even stronger position to advance the development of Ixo-vec and accelerate our vision to deliver a
transformative One And Done<sup>TM</sup> therapy that can potentially restore and preserve vision for millions of patients living with wAMD.

**6.** **What will happen to Adverum's headquarters? Company name?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until the closing of the transaction, we should plan for business as usual, and Adverum will continue to operate
as an independent entity. Integration planning is in process, and we expect further clarity over the coming weeks.

**7.** **What does this mean for me? Is there anything that changes now? Will Lilly be involved in any decision-making/ day-to-day activities before the deal closes?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The announcement of the transaction is just the beginning of the process. We expect the transaction to close in
the fourth quarter of 2025. Until that time, Adverum and Lilly will continue to operate as separate, independent entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the time being, it is business as usual and we need to remain focused on our day-to-day operations, applying the same scientific rigor and patient focus that has driven everything we have done to date. The priority during this time will be to
minimize disruptions so that we can continue to focus on Adverum's mission and the work that needs to get done.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverum employees will continue to report to their current managers and their job responsibilities will remain
unchanged. The integration planning is in process, and we expect further clarity over the coming weeks.

**8.** **What is planned in the coming weeks and months to prepare for the closing?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverum and Lilly will continue to operate as separate, independent entities prior to the closing of the
transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverum employees will continue to report to their current managers, and their job responsibilities will remain
unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverum and Lilly are committed to openness throughout this transaction and expect to provide updates on
developments, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Integration planning is in process. It will be a priority to make certain the interests of both companies, and
their employees are considered throughout the process.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We remain focused on Adverum's mission. The priority during this time will be to minimize disruptions and
we need to remain focused on our day-to-day operations, applying the same scientific rigor and patient focus that has driven everything we have done to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is essential that we continue to provide the highest possible standards of service and support in our
programs.

**9.** **What does this transaction mean for patients in our ongoing trials?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect to continue to serve our patients in the same way we do now.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following the closing of the transaction, Adverum will have access to Lilly's global research, clinical,
and regulatory capabilities, and expects to be in an even stronger position to advance development of Ixo-vec and accelerate our vision to deliver this potentially transformative One And Done therapy that can
potentially restore and preserve vision for millions of patients living with wet AMD.

**10.** **Will there be any changes to our leadership?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Integration planning is in process, and we expect further clarity over the coming weeks. For now, our leadership
team at Adverum will remain in their current roles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lilly is committed to a thoughtful assessment of the business and plans to develop an organizational structure
that will draw on the best from both companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect to keep you informed and updated as more details become available through the process.

**11.** **Will Adverum still be a public company?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverum will not be a public company after the transaction is completed. Adverum stock will continue to trade
until the closing of the transaction, and upon closing Adverum stock will be delisted from Nasdaq and deregistered under the Securities Exchange Act of 1934. All CVRs will be non-transferable. Upon the closing
of the transaction, Adverum will become a wholly owned subsidiary of Lilly.

**12.** **What happens to my unvested equity awards if I voluntarily resign prior to the closing of the transaction?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are all at-will employees. You have the right to resign at any point.
If you voluntarily resign prior to the closing of the transaction, your unvested equity awards will be forfeited in accordance with the terms of the plan and award agreement(s) under which they were granted.

**13.** **What happens to my stock options?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We plan to hold a separate session on employee stock options and restricted stock units and / or performance
stock units for anyone interested. We'll send a calendar invite in the coming days to ensure we're answering your questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At a basic level, outstanding stock options will become fully vested immediately prior to the closing of the
transaction.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each stock option with an exercise price less than the $3.56 upfront cash per share price being paid by Lilly
will be canceled in exchange for (i) an amount in cash equal to the product of (a) the number of shares subject to the stock option multiplied by (b) the excess, if any, of the $3.56 upfront cash per share price being paid by Lilly
over the stock option's exercise price, which will be paid to you no later than the second regularly scheduled payroll date following the closing of the transaction, and (ii) one CVR per share that entitles you to receive up to two
contingent cash payments of up to an aggregate of $8.91 per share in cash payable upon achievement of both specified regulatory and commercial milestones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any stock option with an exercise price equal to or more than the $3.56 upfront cash per share price being paid
by Lilly will also become fully vested prior to the closing of the transaction. The holder of such stock option will be able to exercise the stock option prior to the closing of the transaction and participate in the transaction as a holder of
shares. Any such stock option not exercised prior to the closing of the transaction will be cancelled for no consideration upon the closing of the transaction.

**14.** **What happens if I exercise my currently vested stock options before the transaction is effective?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may exercise your vested stock options, including those that vest in connection with the transaction, in
accordance with our normal procedures for exercising options. Upon the closing of the transaction the Adverum shares delivered to you in connection with the exercise of your vested stock options will be treated as outlined below in Question 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are planning to sell your shares, including through a same-day sale, you may do so only pursuant to our policies and procedures for selling shares, including selling only if you are not in possession of material non-public information and after clearance as required by
Adverum's Insider Trading Policy available to you on the Vista page.

**15.** **What happens to my restricted stock unit awards and performance stock unit awards?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On the closing date of the transaction, each outstanding and unvested restricted stock unit and performance stock
unit will be cancelled in exchange for(i) an amount in cash equal to $3.56 per share, which will be paid to you no later than the second regularly scheduled payroll date following the closing of the transaction and (2) one CVR that entitles the
holder to receive up to two contingent cash payments of up to an aggregate of $8.91 per share payable upon achievement of both specified regulatory and commercial milestones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you leave the company for any reason before the closing of the transaction, all of your unvested restricted
stock units or performance stock units will be forfeited in accordance with the terms of the plan and award agreement(s) under which they were granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We plan to go through additional questions on restricted stock units or performance stock units at the separate
equity session.

------

**16.** **What happens to the Adverum shares that I own?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lilly will commence a tender offer to acquire all of Adverum's outstanding shares for a price of $3.56 per
share in cash at closing, plus a non-transferrable CVR to receive up to two contingent cash payments of up to an aggregate of $8.91 per share in cash, payable upon achievement of both specified regulatory and
commercial milestones. If you own Adverum shares by any means (including through the exercise of stock options, ESPP, settlement of restricted stock units or performance stock units, or open market purchase) you will be able to tender your shares in
the offer. If you continue to own your shares until the closing of the transaction but do not tender your shares in the offer, which is subject to the satisfaction or waiver of certain conditions (including the tender of at least a majority of
Adverum's outstanding common stock), and the offer is consummated, each of your shares of Adverum's common stock that you did not tender will be cancelled and exchanged for the right to receive the same $3.56 per share plus one non-transferable CVR per share.

**17.** **What will happen to my benefits? If I continue employment with Adverum, will my compensation and benefits package be the same as the package I currently have?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until the closing of the transaction, we expect to run Adverum as usual. The integration planning is in process,
and we expect further clarity over the coming weeks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adverum benefit plans will continue at least through the end of the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Please keep in mind that we are very early in the process and we do not have all the answers at this point. We
will communicate new information when it becomes available and will provide answers to questions as soon as possible once decisions are made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lilly has executed a number of these transactions, even in recent weeks. Lilly is committed to working with us to
ensure a smooth transition.

**18.** **Can I post about the acquisition on my social media channels?** 

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No. You should not post information about the acquisition on any social media channels. Doing so may create business and legal risks for you, Adverum, and Lilly. Please do not discuss, comment on, or respond to discussions on social media regarding the transaction. You can like or repost the Adverum company LinkedIn post relating to the transaction without adding any additional comments.<br>

**<u>Forward-looking Statements</u>**

This communication contains forward-looking statements regarding Lilly's proposed acquisition of Adverum, regarding prospective benefits of the proposed acquisition and Adverum's gene editing programs for retinal disease, regarding potential contingent consideration amounts and terms, regarding the anticipated occurrence, manner and timing of the proposed tender offer and the closing of the proposed acquisition, regarding Adverum's cash runway and prospects, regarding the potential availability of financing under the Promissory Note to Adverum, regarding Adverum's product candidates and ongoing clinical and preclinical development, and regarding Lilly's development of programs for ophthalmology and advancement of gene therapies. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, including with respect to consummating the proposed acquisition and any

------

competing offers or acquisition proposals for Adverum, drug research, development and commercialization, Adverum's prospects, uncertainties as to how many of Adverum's stockholders will tender their stock in the tender offer, the effects of the proposed acquisition (or the announcement thereof) on Adverum's stock price, relationships with key third parties or governmental entities, regulatory changes and developments, the impact of global macroeconomic conditions, including trade and other global disputes and interruptions, including related to tariffs, trade protection measures, and similar restrictions, transaction costs, risks that the proposed acquisition disrupts current plans and operations or adversely affects employee retention, potentially diverting management's attention from Adverum's ongoing business operations, changes in Adverum's business during the period between announcement and closing of the proposed acquisition, and any legal proceedings that may be instituted related to the proposed acquisition. Actual results could differ materially due to various factors, risks and uncertainties. Among other things, there can be no guarantee that the proposed acquisition will be completed in the anticipated timeframe or at all, that the conditions required to complete the proposed acquisition or provide Adverum financing under the Promissory Note will be met, that any event, change or other circumstance that could give rise to the termination of the merger agreement or the Promissory Note will not occur, that Lilly will realize the expected benefits of the proposed acquisition, that product candidates will be approved on anticipated timelines or at all, that any products, if approved, will be commercially successful, that all or any of the contingent consideration will become payable on the terms described herein or at all, that Lilly's financial results will be consistent with its expected 2025 guidance or that Lilly can reliably predict the impact of the proposed acquisition on its financial results or financial guidance. For further discussion of these and other risks and uncertainties, see Lilly's and Adverum's most recent Form 10-K and Form 10-Q filings with the U.S. Securities and Exchange Commission (SEC). Except as required by law, neither Lilly nor Adverum undertakes any duty to update forward-looking statements to reflect events after the date of this filing.

**<u>Additional Information about the Acquisition and Where to Find It</u>**

The tender offer for all of the outstanding shares of Adverum described in this communication has not yet commenced. This communication is for informational purposes only, is not a recommendation and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the tender offer materials that Lilly and its acquisition subsidiary will file with the SEC upon commencement of the tender offer. A solicitation and offer to buy outstanding shares of Adverum will only be made pursuant to the tender offer materials that Lilly and its acquisition subsidiary intend to file with the SEC. At the time the tender offer is commenced, Lilly and its acquisition subsidiary will file tender offer materials on Schedule TO, and Adverum will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF ADVERUM ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF ADVERUM SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES OF COMMON STOCK IN THE TENDER OFFER. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made

------

available to all stockholders of Adverum at no expense to them at Lilly's website at investor.lilly.com and (once they become available) will be mailed to the stockholders of Adverum free of charge. The information contained in, or that can be accessed through, Lilly's website is not a part of, or incorporated by reference herein. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at <u>www.sec.gov</u>. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, Lilly and Adverum file annual, quarterly, and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by Lilly and Adverum with the SEC for free on the SEC's website at www.sec.gov.

## Exhibit 99.4

**Exhibit 99.4** 

Investor Questions and Answers

**1. What role will your executive team have after the merger?** 

Integration planning is in process, and we expect further clarity over the coming weeks. For now, our leadership team at Adverum will remain in their current roles. Lilly is committed to a thoughtful assessment of the business and plans to develop an organizational structure that will draw on the best from both companies. The post-closing organizational structure will be reviewed as part of the integration planning process.

**2. When did discussions between Lilly and Adverum begin? How long did this process take?** 

Please refer to our Schedule 14D-9, when available.

**3. When will the tender offer be commenced?** 

Lilly is obligated to commence a tender offer as promptly as practicable but no later than 10 business days from the date of the merger agreement to acquire all of Adverum's outstanding shares for a price of $3.56 per share in cash at closing, plus a non-transferrable CVR to receive up to two contingent cash payments of up to an aggregate of $8.91 per CVR in cash, payable upon achievement of both specified regulatory and commercial milestones in accordance with the terms of the CVR agreement.

Assuming a majority of the outstanding Adverum shares are tendered into, and not withdrawn from, the tender offer, and subject to the satisfaction of other customary closing conditions, including that at least a majority of Adverum shares are tendered in the tender offer, Lilly is required to close the tender offer. Adverum shares that are not tendered in the tender offer will be converted into the right to receive at closing the same $3.56 per share in cash plus a non-transferrable CVR to receive up to two contingent cash payments of up to an aggregate of $8.91 per CVR in cash, payable upon achievement of both specified regulatory and commercial milestones in accordance with the terms of the CVR agreement, as paid for shares tendered in the tender offer, and Adverum stock will no longer be listed on the Nasdaq exchange. Following the consummation of the offer, Adverum will merge with and into a subsidiary of Lilly in a second-step merger.

Each non-transferrable CVR will entitle its holders to receive the following contingent cash payments, conditioned upon the achievement of certain regulatory and commercial milestones, within specified time periods:

Up to $1.78 per CVR in cash (minus any applicable offset amount), upon the receipt of regulatory approval in the United States for Ixo-vec for the treatment of wAMD no later than on the 7<sup>th</sup> anniversary of the closing of the transaction and termination of the CVR agreement; and

------

Up to $7.13 per CVR in cash (minus any applicable offset amount), upon the achievement of greater than $1 billion in annual net sales for Ixo-vec no later than the 10<sup>th</sup> anniversary of the closing of the transaction and termination of the CVR.

There can be no assurance that any payments will be made with respect to the CVR. Assuming both CVR milestones are met, the CVR consideration would represent an additional $8.91 per CVR for Adverum's stockholders.

**4. When do you expect to file the Schedule 14D-9?** 

Adverum's Schedule 14D-9 will be filed on the same day as the commencement of the tender offer, which Lilly is obligated to commence as promptly as practicable but no later than 10 business days after the date of the merger agreement.

**5. When do you expect the transaction to close?** 

We expect to close the transaction in the fourth quarter of 2025, subject to satisfaction or waiver of required closing conditions.

**Investor Messages** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $3.56 per share in cash at closing plus up to an aggregate of $8.91 per CVR tied to FDA approval and provided
over $1.0 billion annual net sales of Ixo-vec milestone is achieved prior to the earlier of ten years of the closing date and termination of the CVR agreement; total equity value of up to
$350 million on a fully diluted basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Up to $1.78 per share in cash, upon the receipt of regulatory approval in the United States for Ixo-vec for the treatment of wAMD prior to the earlier of seven years of the closing date and termination of the CVR agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Up to $7.13 per share in cash, upon the achievement of greater than $1 billion in annual net sales for Ixo-vec within ten years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction expected to close in the fourth quarter of 2025, subject to satisfaction or waiver of required
closing conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverum's Board of Directors engaged in a careful and thorough process and unanimously determined that this
transaction with Lilly is in the best interests of our stockholders and represents the highest price reasonably obtainable for our stockholders.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We believe the combination of Adverum with Lilly maximizes the potential of Ixo-vec and our intravitreal gene therapy platform to reach patients globally.

**Forward-looking Statements** 

This communication contains forward-looking statements regarding Lilly's proposed acquisition of Adverum, regarding prospective benefits of the proposed acquisition and Adverum's gene editing programs for retinal disease, regarding potential contingent consideration amounts and terms, regarding the anticipated occurrence, manner and timing of the proposed tender offer and the closing of the proposed acquisition, regarding Adverum's cash runway and prospects, regarding the potential availability of financing under the Promissory Note to Adverum, regarding Adverum's product candidates and ongoing clinical and preclinical development, and regarding Lilly's development of programs for ophthalmology and advancement of gene therapies. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, including with respect to consummating the proposed acquisition and any competing offers or acquisition proposals for Adverum, drug research, development and commercialization, Adverum's prospects, uncertainties as to how many of Adverum's stockholders will tender their stock in the tender offer, the effects of the proposed acquisition (or the announcement thereof) on Adverum's stock price, relationships with key third parties or governmental entities, regulatory changes and developments, the impact of global macroeconomic conditions, including trade and other global disputes and interruptions, including related to tariffs, trade protection measures, and similar restrictions, transaction costs, risks that the proposed acquisition disrupts current plans and operations or adversely affects employee retention, potentially diverting management's attention from Adverum's ongoing business operations, changes in Adverum's business during the period between announcement and closing of the proposed acquisition, and any legal proceedings that may be instituted related to the proposed acquisition. Actual results could differ materially due to various factors, risks and uncertainties. Among other things, there can be no guarantee that the proposed acquisition will be completed in the anticipated timeframe or at all, that the conditions required to complete the proposed acquisition or provide Adverum financing under the Promissory Note will be met, that any event, change or other circumstance that could give rise to the termination of the merger agreement or the Promissory Note will not occur, that

------

Lilly will realize the expected benefits of the proposed acquisition, that product candidates will be approved on anticipated timelines or at all, that any products, if approved, will be commercially successful, that all or any of the contingent consideration will become payable on the terms described herein or at all, that Lilly's financial results will be consistent with its expected 2025 guidance or that Lilly can reliably predict the impact of the proposed acquisition on its financial results or financial guidance. For further discussion of these and other risks and uncertainties, see Lilly's and Adverum's most recent Form 10-K and Form 10-Q filings with the U.S. Securities and Exchange Commission (SEC). Except as required by law, neither Lilly nor Adverum undertakes any duty to update forward-looking statements to reflect events after the date of this filing.

**Additional Information about the Acquisition and Where to Find It** 

The tender offer for all of the outstanding shares of Adverum described in this communication has not yet commenced. This communication is for informational purposes only, is not a recommendation and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the tender offer materials that Lilly and its acquisition subsidiary will file with the SEC upon commencement of the tender offer. A solicitation and offer to buy outstanding shares of Adverum will only be made pursuant to the tender offer materials that Lilly and its acquisition subsidiary intend to file with the SEC. At the time the tender offer is commenced, Lilly and its acquisition subsidiary will file tender offer materials on Schedule TO, and Adverum will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF ADVERUM ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF ADVERUM SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES OF COMMON STOCK IN THE TENDER OFFER. The tender offer materials (including the Offer to

------

Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all stockholders of Adverum at no expense to them at Lilly's website at investor.lilly.com and (once they become available) will be mailed to the stockholders of Adverum free of charge. The information contained in, or that can be accessed through, Lilly's website is not a part of, or incorporated by reference herein. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at <u>www.sec.gov</u>. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, Lilly and Adverum file annual, quarterly, and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by Lilly and Adverum with the SEC for free on the SEC's website at www.sec.gov.

## Exhibit 99.5

**Exhibit 99.5** 

We announced today that Adverum has entered into a definitive agreement for @Lilly to acquire Adverum.

Lilly shares our deep commitment to transforming the treatment paradigm for millions of patients worldwide living with wet age-related macular degeneration. We believe Lilly's established leadership in multi-modality genetic medicine, industry-leading manufacturing, and global commercialization capabilities will help accelerate the development of Ixo-vec, our novel intravitreal gene therapy designed as a potential One And Done<sup>TM</sup> treatment for #wetAMD, to help preserve vision and reduce the need for lifelong injections.

Please refer to today's full announcement for key information and cautionary statements: *link*

#GeneTherapy #wetAMD #Retina #Ophthalmology

![LOGO](g41892g1024120128253.jpg)

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**Forward-looking Statements** 

This LinkedIn post contains forward-looking statements regarding Lilly's proposed acquisition of Adverum, regarding prospective benefits of the proposed acquisition and Adverum's gene editing programs for retinal disease, regarding potential contingent consideration amounts and terms, regarding the anticipated occurrence, manner and timing of the proposed tender offer and the closing of the proposed acquisition, regarding Adverum's cash runway and prospects, regarding the potential availability of financing under the Promissory Note to Adverum, regarding Adverum's product candidates and ongoing clinical and preclinical development, and regarding Lilly's development of programs for ophthalmology and advancement of gene therapies. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, including with respect to consummating the proposed acquisition and any competing offers or acquisition proposals for Adverum, drug research, development and commercialization, Adverum's prospects, uncertainties as to how many of Adverum's stockholders will tender their stock in the tender offer, the effects of the proposed acquisition (or the announcement thereof) on Adverum's stock price, relationships with key third parties or governmental entities, regulatory changes and developments, the impact of global macroeconomic conditions, including trade and other global disputes and interruptions, including related to tariffs, trade protection measures, and similar restrictions, transaction costs, risks that the proposed acquisition disrupts current plans and operations or adversely affects employee retention, potentially diverting management's attention from Adverum's ongoing business operations, changes in Adverum's business during the period between announcement and closing of the proposed acquisition, and any legal proceedings that may be instituted related to the proposed acquisition. Actual results could differ materially due to various factors, risks and uncertainties. Among other things, there can be no guarantee that the proposed acquisition will be completed in the anticipated timeframe or at all, that the conditions required to complete the proposed acquisition or provide Adverum financing under the Promissory Note will be met, that any event, change or other circumstance that could give rise to the termination of the merger agreement or the Promissory Note will not occur, that Lilly will realize the expected benefits of the proposed acquisition, that product candidates will be approved on anticipated timelines or at all, that any products, if approved, will be commercially successful, that all or any of the contingent consideration will become payable on the terms described herein or at all, that Lilly's financial results will be consistent with its expected 2025 guidance or that Lilly can reliably predict the impact of the proposed acquisition on its financial results or financial guidance. For further discussion of these and other risks and uncertainties, see Lilly's and Adverum's ' most recent Form 10-K and Form 10-Q filings with the U.S. Securities and Exchange Commission (SEC). Except as required by law, neither Lilly nor Adverum undertakes any duty to update forward-looking statements to reflect events after the date of this filing.

**Additional Information about the Acquisition and Where to Find It** 

The tender offer for all of the outstanding shares of Adverum described in this communication has not yet commenced. This LinkedIn post is for informational purposes only, is not a recommendation and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the tender offer materials that Lilly and its acquisition subsidiary will file with the SEC upon commencement of the tender offer. A solicitation and offer to buy outstanding shares of Adverum will only be made pursuant to

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the tender offer materials that Lilly and its acquisition subsidiary intend to file with the SEC. At the time the tender offer is commenced, Lilly and its acquisition subsidiary will file tender offer materials on Schedule TO, and Adverum will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF ADVERUM ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF ADVERUM SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES OF COMMON STOCK IN THE TENDER OFFER. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all stockholders of Adverum at no expense to them at Lilly's website at investor.lilly.com and (once they become available) will be mailed to the stockholders of Adverum free of charge. The information contained in, or that can be accessed through, Lilly's website is not a part of, or incorporated by reference herein. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at www.sec.gov. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, Lilly and Adverum file annual, quarterly, and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by Lilly and Adverum with the SEC for free on the SEC's website at www.sec.gov.

## Exhibit 99.6

**Exhibit 99.6** 

**Subject:** Lilly to Acquire Adverum Biotechnologies

Good morning/afternoon,

I'm pleased to share that Adverum has entered into a definitive agreement for Eli Lilly & Company to acquire Adverum.

You can view the full press release that we just issued <u>here</u>.

While formal communication will be sent to all investigators and sites shortly, we wanted to ensure you received this news directly and ahead of the broader outreach.

I'm available today should you wish to discuss anything related to the Ixo-vec clinical program.

Best regards,

[Name]

**Forward-looking Statements** 

This communication contains forward-looking statements regarding Lilly's proposed acquisition of Adverum, regarding prospective benefits of the proposed acquisition and Adverum's gene editing programs for retinal disease, regarding potential contingent consideration amounts and terms, regarding the anticipated occurrence, manner and timing of the proposed tender offer and the closing of the proposed acquisition, regarding Adverum's cash runway and prospects, regarding the potential availability of financing under the Promissory Note to Adverum, regarding Adverum's product candidates and ongoing clinical and preclinical development, and regarding Lilly's development of programs for ophthalmology and advancement of gene therapies. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, including with respect to consummating the proposed acquisition and any competing offers or acquisition proposals for Adverum, drug research, development and commercialization, Adverum's prospects, uncertainties as to how many of Adverum's stockholders will tender their stock in the tender offer, the effects of the proposed acquisition (or the announcement thereof) on Adverum's stock price, relationships with key third parties or governmental entities, regulatory changes and developments, the impact of global macroeconomic conditions, including trade and other global disputes and interruptions, including related to tariffs, trade protection measures, and similar restrictions, transaction costs, risks that the proposed acquisition disrupts current plans

------

and operations or adversely affects employee retention, potentially diverting management's attention from Adverum's ongoing business operations, changes in Adverum's business during the period between announcement and closing of the proposed acquisition, and any legal proceedings that may be instituted related to the proposed acquisition. Actual results could differ materially due to various factors, risks and uncertainties. Among other things, there can be no guarantee that the proposed acquisition will be completed in the anticipated timeframe or at all, that the conditions required to complete the proposed acquisition or provide Adverum financing under the Promissory Note will be met, that any event, change or other circumstance that could give rise to the termination of the merger agreement or the Promissory Note will not occur, that Lilly will realize the expected benefits of the proposed acquisition, that product candidates will be approved on anticipated timelines or at all, that any products, if approved, will be commercially successful, that all or any of the contingent consideration will become payable on the terms described herein or at all, that Lilly's financial results will be consistent with its expected 2025 guidance or that Lilly can reliably predict the impact of the proposed acquisition on its financial results or financial guidance. For further discussion of these and other risks and uncertainties, see Lilly's and Adverum's most recent Form 10-K and Form 10-Q filings with the U.S. Securities and Exchange Commission (SEC). Except as required by law, neither Lilly nor Adverum undertakes any duty to update forward-looking statements to reflect events after the date of this filing.

**Additional Information about the Acquisition and Where to Find It** 

The tender offer for all of the outstanding shares of Adverum described in this communication has not yet commenced. This communication is for informational purposes only, is not a recommendation and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the tender offer materials that Lilly and its acquisition subsidiary will file with the SEC upon commencement of the tender offer. A solicitation and offer to buy outstanding shares of Adverum will only be made pursuant to the tender offer materials that Lilly and its acquisition subsidiary intend to file with the SEC. At the time the tender offer is commenced, Lilly and its acquisition subsidiary will file tender offer materials on Schedule TO, and Adverum will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF ADVERUM ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT

------

MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF ADVERUM SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES OF COMMON STOCK IN THE TENDER OFFER. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all stockholders of Adverum at no expense to them at Lilly's website at investor.lilly.com and (once they become available) will be mailed to the stockholders of Adverum free of charge. The information contained in, or that can be accessed through, Lilly's website is not a part of, or incorporated by reference herein. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at <u>www.sec.gov</u>. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, Lilly and Adverum file annual, quarterly, and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by Lilly and Adverum with the SEC for free on the SEC's website at www.sec.gov.

## Exhibit 99.7

**Exhibit 99.7** 

**Date:** October 24, 2025

**Subject:** Important Update: Adverum's Next Chapter with Eli Lilly & Company

Dear Investigators and Site Staff,

On behalf of all of us at Adverum, we want to express our sincere gratitude for your ongoing partnership and dedication to advancing the development of Ixo-vec. Your commitment to innovation, patient care, and clinical excellence has been instrumental in the progress of our program.

Today, we are pleased to share a significant update: Adverum has entered into a definitive agreement for Eli Lilly and Company to acquire Adverum. Lilly is a global leader in pharmaceutical innovation, and their multi-modality genetic medicine scale, scientific depth, and global commercial reach provide powerful validation of our intravitreal gene therapy platform and accelerate our vision to deliver Ixo-vec to the millions of patients living with wet AMD.

**What does this mean for our studies?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Business as Usual:** All Adverum clinical studies will continue as planned. There will be no disruption to
your site operations, patient care, or study timelines as a result of the proposed transaction. Our clinical team and research associates remain your primary point of contact for any study related matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accelerated Patient Impact:** With Lilly's resources and global infrastructure, we believe we are
well-positioned to advance Ixo-vec to approval and patient access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Continued Partnership:** We deeply value your collaboration and expertise. As integration planning
progresses, any changes to processes, contacts, or systems will be communicated in a timely manner.

We appreciate your dedication and partnership as we enter this exciting new chapter. Your work has been vital to our shared mission of transforming care for patients living with wet AMD. We look forward to continuing our collaboration and will provide updates as the transaction moves forward.

If you have any questions, please reach out to your Adverum clinical contact or reply to this message.

Thank you again for your commitment to our studies and to the patients we serve.

Kind regards,

------

**The Adverum Clinical Team** 

**Forward-looking Statements** 

This communication contains forward-looking statements regarding Lilly's proposed acquisition of Adverum, regarding prospective benefits of the proposed acquisition and Adverum's gene editing programs for retinal disease, regarding potential contingent consideration amounts and terms, regarding the anticipated occurrence, manner and timing of the proposed tender offer and the closing of the proposed acquisition, regarding Adverum's cash runway and prospects, regarding the potential availability of financing under the Promissory Note to Adverum, regarding Adverum's product candidates and ongoing clinical and preclinical development, and regarding Lilly's development of programs for ophthalmology and advancement of gene therapies. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, including with respect to consummating the proposed acquisition and any competing offers or acquisition proposals for Adverum, drug research, development and commercialization, Adverum's prospects, uncertainties as to how many of Adverum's stockholders will tender their stock in the tender offer, the effects of the proposed acquisition (or the announcement thereof) on Adverum's stock price, relationships with key third parties or governmental entities, regulatory changes and developments, the impact of global macroeconomic conditions, including trade and other global disputes and interruptions, including related to tariffs, trade protection measures, and similar restrictions, transaction costs, risks that the proposed acquisition disrupts current plans and operations or adversely affects employee retention, potentially diverting management's attention from Adverum's ongoing business operations, changes in Adverum's business during the period between announcement and closing of the proposed acquisition, and any legal proceedings that may be instituted related to the proposed acquisition. Actual results could differ materially due to various factors, risks and uncertainties. Among other things, there can be no guarantee that the proposed acquisition will be completed in the anticipated timeframe or at all, that the conditions required to complete the proposed acquisition or provide Adverum financing under the Promissory Note will be met, that any event, change or other circumstance that could give rise to the termination of the merger agreement or the Promissory Note will not occur, that Lilly will realize the expected benefits of the proposed acquisition, that product candidates will be approved on anticipated timelines or at all, that any products, if approved, will be commercially successful, that all or any of the contingent consideration will become payable on the terms described herein or at all, that Lilly's financial results will be consistent with its expected 2025 guidance or that Lilly can reliably predict the impact of the proposed acquisition on its financial results or financial guidance. For further discussion of these and other risks and uncertainties, see Lilly's and Adverum's ' most recent Form 10-K and Form 10-Q filings with the U.S. Securities and Exchange Commission (SEC). Except as required by law, neither Lilly nor Adverum undertakes any duty to update forward-looking statements to reflect events after the date of this filing.

------

**Additional Information about the Acquisition and Where to Find It** 

The tender offer for all of the outstanding shares of Adverum described in this communication has not yet commenced. This communication is for informational purposes only, is not a recommendation and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the tender offer materials that Lilly and its acquisition subsidiary will file with the SEC upon commencement of the tender offer. A solicitation and offer to buy outstanding shares of Adverum will only be made pursuant to the tender offer materials that Lilly and its acquisition subsidiary intend to file with the SEC. At the time the tender offer is commenced, Lilly and its acquisition subsidiary will file tender offer materials on Schedule TO, and Adverum will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF ADVERUM ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF ADVERUM SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES OF COMMON STOCK IN THE TENDER OFFER. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all stockholders of Adverum at no expense to them at Lilly's website at investor.lilly.com and (once they become available) will be mailed to the stockholders of Adverum free of charge. The information contained in, or that can be accessed through, Lilly's website is not a part of, or incorporated by reference herein. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at www.sec.gov. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, Lilly and Adverum file annual, quarterly, and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by Lilly and Adverum with the SEC for free on the SEC's website at www.sec.gov.

## Exhibit 99.8

**Exhibit 99.8** 

**Subject:** Important Update: Adverum's Next Chapter with Eli Lilly & Company

Dear Valued Partner,

I am reaching out with important news about Adverum Biotechnologies. Today, we announced that we have entered into a definitive agreement under which Eli Lilly & Company, one of the world's largest and most respected pharmaceutical companies, will acquire Adverum.

Since our founding, patients have always been Adverum's top priority. Our mission—to establish gene therapy as the new standard of care for vision loss—remains unchanged. We recognize that our work together is critical to advancing development of innovative therapies for patients as quickly and reliably as possible.

**Next Steps: Business as Usual** 

We expect the transaction to close in the fourth quarter of 2025, subject to satisfaction or waiver of the required closing conditions. Prior to closing, Adverum will continue to operate as a separate and independent company, and it is business as usual for our team and our partners. Our operations, programs, and vendor relationships will continue without interruption.

We will continue to provide updates as they become available.

Sincerely,

[Name]

**Forward-looking Statements** 

This communication contains forward-looking statements regarding Lilly's proposed acquisition of Adverum, regarding prospective benefits of the proposed acquisition and Adverum's gene editing programs for retinal disease, regarding potential contingent consideration amounts and terms, regarding the anticipated occurrence, manner and timing of the proposed tender offer and the closing of the proposed acquisition, regarding Adverum's cash runway and prospects, regarding the potential availability of financing under the Promissory Note to Adverum, regarding Adverum's product candidates and ongoing clinical and preclinical development, and regarding Lilly's development of programs for ophthalmology and advancement of gene therapies. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, including with respect to consummating the proposed acquisition and any competing offers or acquisition proposals for Adverum, drug research, development and commercialization, Adverum's prospects, uncertainties as to how many of Adverum's stockholders will tender

------

their stock in the tender offer, the effects of the proposed acquisition (or the announcement thereof) on Adverum's stock price, relationships with key third parties or governmental entities, regulatory changes and developments, the impact of global macroeconomic conditions, including trade and other global disputes and interruptions, including related to tariffs, trade protection measures, and similar restrictions, transaction costs, risks that the proposed acquisition disrupts current plans and operations or adversely affects employee retention, potentially diverting management's attention from Adverum's ongoing business operations, changes in Adverum's business during the period between announcement and closing of the proposed acquisition, and any legal proceedings that may be instituted related to the proposed acquisition. Actual results could differ materially due to various factors, risks and uncertainties. Among other things, there can be no guarantee that the proposed acquisition will be completed in the anticipated timeframe or at all, that the conditions required to complete the proposed acquisition or provide Adverum financing under the Promissory Note will be met, that any event, change or other circumstance that could give rise to the termination of the merger agreement or the Promissory Note will not occur, that Lilly will realize the expected benefits of the proposed acquisition, that product candidates will be approved on anticipated timelines or at all, that any products, if approved, will be commercially successful, that all or any of the contingent consideration will become payable on the terms described herein or at all, that Lilly's financial results will be consistent with its expected 2025 guidance or that Lilly can reliably predict the impact of the proposed acquisition on its financial results or financial guidance. For further discussion of these and other risks and uncertainties, see Lilly's and Adverum's ' most recent Form 10-K and Form 10-Q filings with the U.S. Securities and Exchange Commission (SEC). Except as required by law, neither Lilly nor Adverum undertakes any duty to update forward-looking statements to reflect events after the date of this filing.

**Additional Information about the Acquisition and Where to Find It** 

The tender offer for all of the outstanding shares of Adverum described in this communication has not yet commenced. This communication is for informational purposes only, is not a recommendation and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the tender offer materials that Lilly and its acquisition subsidiary will file with the SEC upon commencement of the tender offer. A solicitation and offer to buy outstanding shares of Adverum will only be made pursuant to the tender offer materials that Lilly and its acquisition subsidiary intend to file with the SEC. At the time the tender offer is commenced, Lilly and its acquisition subsidiary will file tender offer materials on Schedule TO, and Adverum will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF ADVERUM ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT

------

MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF ADVERUM SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES OF COMMON STOCK IN THE TENDER OFFER. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all stockholders of Adverum at no expense to them at Lilly's website at investor.lilly.com and (once they become available) will be mailed to the stockholders of Adverum free of charge. The information contained in, or that can be accessed through, Lilly's website is not a part of, or incorporated by reference herein. The tender offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at www.sec.gov. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, Lilly and Adverum file annual, quarterly, and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by Lilly and Adverum with the SEC for free on the SEC's website at www.sec.gov.