Lilly to acquire gene therapy firm Akouos to discover hearing loss treatments
Lilly acquisition of Akouos : American pharmaceutical giant Eli Lilly and Company (Lilly) has agreed to acquire precision genetic medicine company Akouos in a cash deal worth about $487 million.
Headquartered in Boston and founded in 2016, Akouos is focused on developing a portfolio of advanced adeno-associated viral gene therapies to treat inner ear conditions, including sensorineural hearing loss.
AK-OTOF is Akouos’s lead product candidate, which is a gene therapy for the treatment of hearing loss due to mutations in the otoferlin gene (OTOF).
Under the terms of the acquisition agreement, Lilly will purchase all outstanding shares of the NASDAQ-listed Akouos for $12.5 per share in cash, plus one contingent value right (CVR) of up to $3 per share.
Lilly acquisition of Akouos. Photo courtesy of Momoneymoproblemz/Wikipedia.org.
Commenting on Lilly acquisition of Akouos, Andrew Adams — senior vice president of genetic medicine and co-director of the Institute for Genetic Medicine, Lilly, said: “We are honored to work with the talented team at Akouos who are breaking new ground in the science of treating hearing loss. We believe that with Lilly’s resources, global reach, and growing capabilities in gene therapy, we can help Akouos fulfill their mission of making healthy hearing available to all.”
The other pipeline programs of Akouos cover multiple inner ear conditions, and comprise AK-CLRN1 for Usher Type 3A, an autosomal recessive disorder characterized by progressive loss of both hearing and vision.
Daniel Skovronsky — Lilly chief scientific and medical officer, and Lilly Research Laboratories president, commenting on Lilly acquisition of Akouos, said: “Gene therapy offers tremendous opportunity to provide durable treatments for patients with genetically defined disease; this is our second acquisition in gene therapy, following the 2021 acquisition of Prevail Therapeutics.
“With Akouos, we are optimistic that we can make a difference for people with hearing loss and other inner ear conditions.”
Kirkland & Ellis LLP is serving as legal counsel to Lilly in connection with the transaction.
Wilmer Cutler Pickering Hale and Dorr LLP acting as legal counsel for Akouos, while Centerview Partners is its sole financial advisor.