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
Alaska Air Group Inc., which completed its $2.6 billion acquisition of Virgin America last year, said that the combined company will adopt Alaska Air's name and logo. The Virgin America name will be retired, "likely sometime in 2019," the airline added. Apple Inc. has agreed to acquire Workflow, an iOS app for automating tasks, as well as its development team for an undisclosed sum. Workflow is a personal automation tool that enables the user to drag and drop combination of actions to create workflows for the iPhone, iPad and Apple Watch. After long negotiations to win over one of the largest and fastest growing smart phone markets, Apple has decided to assemble its 4-inch screen iPhone SE in India.
comments powered by Disqus
Follow RTT