Eli Lilly and Company (NYSE:LLY) announced today that it successfully completed its acquisition of Akouos (Nasdaq:AKUS).
Indianpolis-based Eli Lilly’s acquisition expands its efforts in genetic medicines. Akouos offers a portfolio of potential first-in-class adeno-associated viral gene therapies. The gene therapies treat inner ear conditions, including sensorineural hearing loss.
The company initially announced the acquisition in October. At the time, it said it would pay $487 million upfront, plus a contingent value right for an aggregate amount up to approximately $610 million.
“Akouos brings more top-tier talent and an important pipeline to Lilly’s Institute for Genetic Medicine that will further accelerate our work to advance genetic medicines for people living with difficult-to-treat diseases,” said Andrew C. Adams, SVP of genetic medicine at Lilly and co-director of the Institute for Genetic Medicine. “We look forward to supporting and enabling the Akouos team to continue their ground-breaking work developing potential genetic medicines for inner ear conditions and to help fulfill the mission of making healthy hearing available to all.”
Lilly agreed to purchase all issued and outstanding shares of Akouos’ common stock in exchange for $12.50 per share. It also includes one non-tradeable contingent value right (CVR) per share. This represents the contractual right to receive contingent payments of up to $3 per CVR, net to the stockholder in cash.
As of expiration at one minute past 11:59 p.m., ET, on Nov. 29, 2022, nearly 30 million shares were validly tendered and not validly withdrawn in the offer. That represented 81.1% of issued and outstanding shares. Lilly and its wholly owned Kearny Acquisition Corporation subsidiary accepted for payment shares validly tendered and not validly withdrawn.