LONDON (ShareCast) - (Sharecast News) - Eli Lilly said on Tuesday that it has agreed to buy genetic medicine developer Akouos for $487m
Founded in 2016 and headquartered in Boston, Akouos is developing a portfolio of first-in-class adeno-associated viral gene therapies for the treatment of inner ear conditions, including sensorineural hearing loss, Lilly said.

Under the terms of the deal, Lilly will pay $12.50 per share in cash, plus one contingent value right of up to $3.00 per share.

Andrew C. Adams, Ph.D., senior vice president of genetic medicine and co-director of the Institute for Genetic Medicine at Lilly, said: "We are honoured 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."

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