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
Netflix offers a bunch of popular movies, Netflix originals, new TV shows, and documentaries in the month of December 2016, including the second season of the hit sitcom 'Fuller House' and 2016 blockbuster 'Captain America: Civil War', as all are getting ready for the holidays. SpaceX, the space transport company of Tech entrepreneur Elon Musk, is likely to launch its first Falcon 9 rocket since September's launchpad explosion on December 16. SpaceX's satellite launch customer Iridium Communications Inc. announced Thursday that its next-generation global satellite constellation, Iridium NEXT, will be launched on SpaceX's Falcon 9 rocket. Bank holding company Wells Fargo & Co., amid struggles to re-establish itself after the fake-account scandal, on Thursday said it has separated the roles of the Chairman and Chief Executive Officer formally, by amending the company's By-Laws. The amendment is also for the Chairman and Vice Chairman of the Board to be independent directors. The amendments were effective immediately.
comments powered by Disqus
Follow RTT