Eli Lilly to buy precision medicine company Akouos for $487M

Eli Lilly and Company announced a definitive agreement to buy Akouos, a precision medicine company, for $487 million Tuesday morning.

The deal has been approved by the board of directors for 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 been developing a portfolio of adeno-associated viral gene therapies for treating inner ear conditions.