News & Events zu Adverum Biotechnologies Inc (ADVM)ADVMAdverum Biotechnologies Inc

Anthropic Confidentially Files for IPO, SpaceX Plans to Raise $75B

Anthropic has confidentially filed for an IPO, giving the AI company the option to go public once the SEC completes its review. Meanwhile, SpaceX is preparing to launch a record setting offering of its own, aiming to raise $75B at a $1.75T valuation as its roadshow kicks off Thursday.This week's private company news:Anthropic said in a, "Anthropic, PBC confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission for a proposed initial public offering of our common stock. This gives us the option to go public after the SEC completes its review. The proposed initial public offering will depend on market conditions and other factors. The number of shares to be offered and the price have not yet been set. This announcement is being published under Rule 135 of the Securities Act of 1933, as amended. It is not an offer to sell securities; nor is it a solicitation of an offer to buy them. Any offers, solicitations of offers to buy, or any sales of securities will be made only in accordance with the registration requirements of the Securities Act."SpaceX plans to raise a record $75B by pricing its IPO at $135 per share, selling 555.6 million shares and targeting a valuation of $1.75T, Reuters' Echo Wang, citing sources familiar with the matter. SpaceX's roadshow begins on Thursday.Base Power, a provider of home batteries for backup power, is in talks to raise around $1B at a $12B valuation, Forbes' Rashi Shrivastava and Anna Tong, citing four sources familiar with the matter. Ribbit Capital is in talks to lead the round, one of the sources said. Founded in 2023 by Zach Dell, son of billionaire computer pioneer Michael Dell, and Justin Lopas, Base Power installs and maintains large capacity home batteries which can serve as backup power if the main grid goes down.Some of the biggest capital raises by private companies this week include:AlphaSense– The AI platform announced the close of a $350M funding round valuing the company at $7.5B. The round was led by Vitruvian Partners, Accenture Ventures, and J.P. Morgan Asset Management, with additional new investors including D. E. Shaw Ventures and Pinegrove Opportunity Partners, along with existing investors including CapitalG, Goldman Sachs Alternatives, and Viking Global Investors. Publicly-traded companies operating in the same space include Microsoft, Alphabet, and IBM.Mach Industries– The defense manufacturer building advanced unmanned systems for modern defense raised $300M in Series C funding. The round was led by Infinite Capital and Ribbit Capital, valuing the company at $1.8B.  Publicly-traded companies operating in the same space include Lockheed Martin, Northrop Grumman, and RTX.Coralogix– The data and AI platform for observability announced it raised $200M in Series F funding. The round was co-led by Advent, CPPIB, and Greenfield, with participation from Brighton Park Capital, bringing total funding in Coralogix to $550M. Publicly-traded companies operating in the same space include Datadog, Elastic, and New Relic.Town Inks– The personalized AI assistant raised $55M in Series A led by by Andreessen Horowitz, with participation from Forerunner Ventures and continued support from First Round Capital, Alt Capital, and Conviction. Publicly-traded companies operating in the same space include Avery Dennisonand HP Inc..Corgi– The company announced a $106M Series B1 round, led by TCV with participation from Prime Capital, Zone 2 Ventures, Oliver Jung, Leblon Capital, Kindred Ventures, Quadri Ventures, First Order Fund, Vocal Ventures, Nordstar, GSBackers, Repeat Ventures, 8188 Capital, and other strategic investors. "This fresh round of funding brings the company's valuation to $2.6 billion. The financing will support continued expansion of Corgi's full-stack insurance platform and launch into new lines of commercial insurance," the company stated. Publicly-traded companies operating in the same space include Nvidia, UiPath, and iRobot.Unicorns to watch this week:Galvanize Therapeutics– The commercial‑stage medical technology company pioneering pulsed‑electric‑field therapies for oncology and chronic lung disease has recently closed an oversubscribed $100M Series C. Publicly-traded companies in the operating space include Opko Healthand Adverum Biotechnologies.Runway– The generative‑AI multimedia platform — valued at $3B-plus — continues to expand its model suite and enterprise footprint across video, image, and multimodal creation. Publicly-traded companies in the operating space include Microsoft, Alphabet, and Nvidia.Celonis– The process mining and execution management software company remains a top candidate for a high profile tech IPO. Publicly-traded companies in the operating space include UiPath, IBM, and SAP.Mistral AI– The European AI model developer is reportedly targeting a $600M raise at a $6B valuation, continuing its rapid ascent as a frontier‑model competitor. Publicly-traded companies in the operating space include Nvidia, Microsoft, and Alphabet.iCapital– The alternative‑investment platform — estimated at a $7.5B valuation — continues to scale its private‑markets access infrastructure for wealth managers and institutions. Publicly-traded companies in the operating space include Blackstone, Apollo Global, and Blue Owl.Other IPOs to watch:Kardigan– The company has filed an initial public offering of shares of its common stock. The company has applied to list its common stock on the Nasdaq Global Market under the symbol "KARD." JP Morgan, Jefferies, Leerink Partners, and TD Cowen are acting as the underwriters for the offering.Quantinuum– The company priced 28M shares at $60.00. The deal size was increased to 28M shares from 26.5M and priced above the $53.00-$55.00 target range. JPMorgan and Morgan Stanley are acting as joint book running managers for the offering. Quantinuum is a quantum computing company offering a full-stack platform designed to make quantum computing deployable in real-world environments.Sunshine Silver Mining & Refining Company– The company announced the launch of its initial public offering of 20M shares of its common stock. In connection with the offering, Sunshine expects to grant the underwriters a 30-day option to purchase up to 3,000,000 shares of common stock. The IPO price is expected to be between $13.50-$16.50 per share. Sunshine's common stock has been approved for listing, subject to official notice of issuance, under the ticker symbol "SSMR" on the New York Stock Exchange.Innio– The company announced that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its common shares. The timing of the offering, number of shares to be offered and the price range for the proposed offering have not yet been determined. Innio has applied to list its common shares on the Nasdaq Global Select Market under the ticker symbol "INIO." Innio designs, manufactures and services power systems under its Jenbacher and Waukesha brands. The company delivers power for applications including data centers, microgrids, grid stabilization, industrial energy and gas compression.Inspire Brands– The company announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. Inspire Brands expects to use the net proceeds of the proposed offering to repay outstanding indebtedness under its existing term loan facility and pay offering fees and expenses."Private Markets" is The Fly's recurring series of stories on the latest moves in the private sector, largest unicorn companies and initial public offerings to watch. Fly subscribers, add $PRIVATE to your portfolio for alerts on breaking news in the startup and venture capital space.

Adverum to be Acquired by Eli Lilly at $3.56 per Share

Adverum Biotechnologies (ADVM) has mailed a letter to its stockholders in connection with its pending transaction to be acquired by Eli Lilly and Company (LLY). In accordance with the merger agreement between Lilly and Adverum, on November 7, 2025 Lilly commenced a tender offer to acquire all of the outstanding shares of Adverum's common stock for a per share price of $3.56 per share in cash payable at closing plus one non-transferable contingent value right that entitles the holder to receive up to an additional $8.91 per CVR in cash upon the achievement of two milestones, for total potential per share consideration of up to $12.47. The tender offer is scheduled to expire one minute past 11:59 p.m., Eastern time, on December 8, 2025. The transaction is subject to closing conditions, including the tender of a majority of the outstanding shares of Adverum's common stock and other conditions included in the merger agreement and described in the tender offer documents that have been filed with the SEC. The letter reiterates: that Adverum has issued a promissory note to Lilly pursuant to which Lilly has advanced an aggregate of $40M of up to $65M to Adverum and is obligated to fund the additional $25M on December 5, 2025. However, if the merger agreement with Lilly is terminated, including as a result of the minimum tender condition not being satisfied, all outstanding amounts under the Promissory Note will immediately become due and payable, and the Promissory Note includes a 5.0% prepayment premium applicable to any prepayment or acceleration of the obligations. Advances under the Promissory Note bear interest at a rate equal to the Secured Overnight Financing Rate plus 10.0% per annum, compounded bi-weekly, and the maturity date of the Promissory Note is January 22, 2026. Additionally, upon the termination of the merger agreement with Lilly, Adverum does not anticipate that it will have sufficient available liquidity to fund its ongoing operations or the required repayment of all outstanding amounts under the Promissory Note. If Adverum fails to repay the Promissory Note when due, Lilly will be entitled to pursue foreclosure remedies as a secured creditor under the Promissory Note, which would likely result in Adverum's bankruptcy; the immediate and certain cash value the transaction delivers to Adverum stockholders through the upfront cash consideration of $3.56 per share, which the Adverum Board of Directors believes to be compelling, especially when viewed against the likelihood of an imminent liquidation and the absence of other available alternatives; the fact that the CVRs provide Adverum's stockholders with an opportunity to realize additional value of up to an aggregate of $8.91 per CVR in cash to the extent that both of the milestones set forth in the CVR agreement are achieved within the time periods and subject to the conditions described therein; and the Adverum Board of Directors' belief, after considering the various alternatives available to Adverum, including remaining a standalone company, and taking into account the review of strategic alternatives undertaken by the Adverum Board of Directors with the assistance of outside financial and legal advisors over the course of eighteen months, which did not yield any acquisition proposals other than Lilly's, that the proposed transaction with Lilly represents the best alternative available to Adverum and its stockholders.

Eli Lilly set to purchase Adverum Biotechnologies at a price of up to $12.47 per share

Eli Lilly and Company (LLY) and Adverum Biotechnologies (ADVM) announced a definitive agreement for Lilly to acquire Adverum Biotechnologies, including its lead product candidate, Ixo-vec. Under the terms of the merger agreement, Lilly will commence a tender offer to acquire all of the outstanding shares of Adverum common stock for a per share price of (1) $3.56 per share in cash payable at closing plus (2) one non-transferrable contingent value right (CVR) that entitles the holder to receive up to an additional $8.91 per CVR in cash upon the achievement of two milestones described below, for total potential per share consideration of up to $12.47. The CVR provides payments if and when the following milestones are achieved: Up to $1.78 per CVR in cash payable upon U.S. approval of Ixo-vec prior to the seventh anniversary of closing. Up to $7.13 per CVR in cash payable upon the first achievement of annual worldwide net sales of Ixo-vec by Lilly, its affiliates or licensees exceeding $1.0 billion dollars prior to the tenth anniversary of closing. The transaction is subject to closing conditions that appear in the merger agreement and tender offer document that will be filed with the SEC, including the tender of a majority of the outstanding shares of Adverum's common stock. These conditions do not include a financing condition. The transaction is expected to close in the fourth quarter of 2025, subject to satisfaction of the closing conditions. If the tender offer successfully closes, then Lilly would acquire any shares of Adverum that are not tendered in the tender offer through a second-step merger for the same consideration as is paid in the tender offer. In conjunction with the transaction, Adverum has entered into a Promissory Note with Lilly. The Promissory Note is secured by all of Adverum's assets, including all of its intellectual property rights, and enables Adverum to receive a loan of up to $65 million from Lilly, drawable by Adverum in four installments, subject to specified conditions, to support ongoing Ixo-vec clinical trials and registrational development activities prior to the anticipated closing of the transaction. Funding obligations cease and the Promissory Note immediately becomes due if the transaction is terminated, including as a result of the minimum tender condition not being satisfied. Absent funds provided by Lilly under the Promissory Note, Adverum's remaining cash and cash equivalents were expected to finance only its October 2025 operations and wind down activities.