NYC Healthcare News

Eli Lilly to acquire Avid Radiopharmaceuticals

December 15, 2015

Headquartered in Philadelphia, PA and spun out of the University of Pennsylvania, Avid Radiopharmaceuticals is a leader in the development of molecular imaging products to enable early detection of pathology associated with neurodegenerative diseases. Safeguard first deployed capital in Avid in May 2007. A marketing application for Florbetapir F18 has recently been submitted to the U.S. Food and Drug Administration (FDA). In addition, Avid is progressing with its pipeline of products and is currently in Phase II trials with its imaging compound for detection of Parkinson's disease and Dementia with Lewy Bodies pathology, and in proof-of-concept Phase I trials for its compound for imaging beta cell loss in diabetes.

"Avid has become the leader in the development of molecular imaging agents that have the potential for disease pathology and better evaluation of drugs designed to prevent or reverse amyloid plaque build up in the brain," said Gary J. Kurtzman, MD, Managing Director in the Life Sciences Group at Safeguard and Board Member at Avid. "Founder and CEO Dan Skovronsky has transformed Avid from a fledgling idea to a successful 50+ person company. As a result of Avid's advancements in the fight against Alzheimer's disease and other neurodegenerative diseases, pharmaceutical leaders like Eli Lilly have taken notice. We are proud of Dan and his team for realizing their vision."

The sale of Avid to Eli Lilly and Company would be the second announced exit transaction of a Safeguard partner company in the past two weeks. On October 22 it was announced that Clarient, Inc. (Nasdaq: CLRT) has agreed to be acquired by GE Healthcare, a unit of General Electric Company. The Clarient-GE Healthcare transaction is expected to generate net proceeds of $145 million for Safeguard and could close in late 2010.

SOURCE Safeguard Scientifics