InsideArbitrage Event Driven Monitor – October 27, 2025

Merger Arbitrage

1. ADVM: The acquisition of Adverum Biotechnologies, Inc. (ADVM) by Eli Lilly and Company (LLY) for a closing value of $117.12 million. Lilly will commence a tender offer to acquire all of the outstanding shares of Adverum common stock for a per share price of $3.56 per share in cash payable at closing, plus 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. The cash price of $3.56 is at a discount of 14.83% from the stock’s last close. (Press Release)
2. PLYM: The acquisition of Plymouth Industrial REIT, Inc. (PLYM) by Makarora Management LP, and Ares Alternative Credit funds (ARES) for a closing value of $2.1 billion. Entities affiliated with Makarora Management LP, along with Ares Alternative Credit funds, will acquire all outstanding shares of Plymouth’s common stock and all outstanding limited partnership interests of Plymouth Industrial OP, LP for $22 per share, representing a 0.32% discount from the stock’s last close. (Press Release)
3. RNA: The acquisition of Avidity Biosciences, Inc. (RNA) by Novartis AG (NVS) for a closing value of $11 billion. Novartis, through a merger with a newly formed indirect wholly owned subsidiary, will acquire all outstanding shares of Avidity. The holders of Avidity common stock will receive $72 per share in cash, which is at a 46.49% premium from the stock’s last close. (Press Release)

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