What we watch in AAV dealmaking

For a decade the pattern has held: when a genetic-medicine platform shows durable, in-vivo delivery, the large acquirers move. Novartis took AveXis and built Zolgensma. Roche reached for Spark. Lilly bought Prevail, then Akouos. Astellas took Audentes. The through-line is not the disease, it is the modality: a vector that puts a therapeutic gene where it needs to be, and keeps it working.

That is why we read AAV deals the way we do. The value sits in the delivery, the durability, and a defined patient population, not in the molecule alone. For an inventor, the lesson is to protect the construct and the regimen, and to bring a partner a clean, de-risked package.

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