Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

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

RELATED NEWS
Trade SFE now with 
4/10/2012 9:11 AM ET

Safeguard Scientifics, Inc. (SFE: Quote) said it expects to receive an additional $5.6 million in proceeds from Eli Lilly and Co.'s (LLY: Quote) 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.

Click here to receive FREE breaking news email alerts for Safeguard Scientifics Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Growth in Philadelphia-area manufacturing activity has accelerated by much more than anticipated in the month of April, according to the results of the Federal Reserve Bank of Philadelphia's Business Outlook Survey released on Thursday. The Philly Fed said its diffusion index of current activity climbed to 16.6 in April from 9.0 in March, with a positive reading indicating growth. After moving notably higher over the past few sessions, stocks are turning in a lackluster performance in morning trading on Thursday. The major averages have been showing modest moves, holding close to the unchanged line. After reporting initial jobless claims at their lowest level in almost seven years in the previous week, the Labor Department released a report on Thursday showing that claims rebounded slightly in the week ended April 12th. The Labor Department said initial jobless claims inched up to 304,000, an increase of 2,000 from the previous week's revised level of 302,000.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.