Lilly completes acquisition of Akouos

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 …

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