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Eli Lilly and company announced a definitive agreement to purchase Akouosa precision medicine company, for $487 million on Tuesday morning.
The agreement has been approved by the board of directors of both companies and is expected to close by the end of the year.
The transaction moves Lilly further into the hearing loss space, where Akouos has developed a portfolio of adeno-associated viral gene therapies for the treatment of inner ear conditions.
Akouos’ lead product candidate is AK-OTOF, a gene therapy treatment for hearing loss due to mutations in the otoferlin gene. The rest of the Company’s treatment pipeline includes products such as AK-CLRN1, GJB2 and AK-antiVEGF.
“We believe that with Lilly’s resources, global reach and growing gene therapy capabilities, we can help Akouos fulfill its mission to bring healthy hearing within everyone’s reach,” Andrew C. Adams, Ph. .D., senior vice president of genetic medicine and co-director of the Lilly Institute of Genetic Medicine, said in a press release.
After the deal was completed, Lilly said it would be reflected in the company’s financial results and guidance going forward. Lilly is expected to release its third-quarter earnings report on Nov. 1.
