logo
Share SHARE
FONT-SIZE Plus   Neg

Safeguard Scientifics To Realize Addl Proceeds From Lilly's Acquisition Of Avid

Safeguard Scientifics, Inc. (SFE) said it expects to receive an additional $5.6 million in proceeds from Eli Lilly and Co.'s (LLY) acquisition of former partner company Avid Radiopharmaceuticals, Inc., which took place in December 2010.

Under terms of the deal, Eli Lilly acquired all outstanding shares of Avid for an upfront payment of $300 million. This generated initial net proceeds of $32.3 million for Safeguard. In addition, Safeguard recently received $3.4 million, which had been held in escrow.

On April 6, 2012, Lilly and Avid Radiopharmaceuticals announced that the FDA approved Amyvid, a radioactive diagnostic agent indicated for brain imaging of beta-amyloid plaques in patients with cognitive impairment who are being evaluated for Alzheimer's Disease and other causes of cognitive decline. The achievement of this milestone triggered the payment of $5.6 million in additional proceeds to Safeguard, increasing expected total net proceeds to $41.3 million and a 3.4x cash-on-cash return.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Poultry giant Sanderson Farms has blamed the national anthem protests in National Football League for its lower sales for the fourth-quarter and full year. Sanderson Farms, which is one of the biggest chicken providers in the US, said that NFL protests involving players taking a knee during the national... Amazon would reportedly sell Google's Chromecast streaming adapter for this Christmas. The online retailer giant has banned the product from its site for the last two years and has presumably settle the issues. Though the product is not available for sale, it has listed 4K-capable Chromecast Ultra adapter. Europe's no-frills airline Ryanair recognized pilot union for a smooth holiday season ahead. The airline had a discussion with its pilots union in Britain, Germany, Italy, Spain, Ireland, Portugal to iron out the issues. The pilots working for Ryanair have been enjoying different status and many of them were reportedly not in the rolls as full timers.
comments powered by Disqus
Follow RTT