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
Yamaha Motor Co. is planning to recall multiple three-cylinder motorcycle models due to a safety issue with the lower handlebar, Asphalt & Rubber has reported. According to the report, the stud bolt threads might not have enough thread-locking agent applied to them due to the lower handlebar being improperly painted. Uber is closing its ride-hailing services in Denmark next month, citing upcoming changes in regulations that would make its app unworkable for consumers. The San Francisco-based company said in a blog post that it will close its services on April 18, 2017, as the new laws currently being proposed in Denmark will not allow drivers to use their privately owned cars for ride sharing. Breitbart News' request for permanent congressional press passes was denied on Monday, citing concerns about the website's links to the White House and the Republican mega-donor family the Mercers. The U.S. Senate Daily Press Gallery, comprised of a group of five reporters, denied the Capitol Hill press credentials saying members were not satisfied with the given information about its connections.
comments powered by Disqus
Follow RTT