Date: 2016-11-23
Type of information: Product acquisition
Compound: Lymphoseek®(technetium Tc 99m tilmanocept)
Company: Navidea Biopharmaceuticals (USA - OH) Cardinal Health (USA - OH)
Therapeutic area: Cancer - Oncology - Diagnostic
Type agreement: product acquisition
Action mechanism: radiopharmaceutical. Lymphoseek® (technetium Tc 99m tilmanocept) Injection is a novel, receptor-targeted, small-molecule radiopharmaceutical used in lymphatic mapping procedures that are performed to help stage breast cancer and melanoma. Lymphoseek is designed to identify the lymph nodes that drain from a primary tumor, which have the highest probability of harboring cancer, in patients with breast cancer or melanoma.
Disease:
Details: * On November 23, 2016, Navidea Biopharmaceuticals announced that it has entered into a definitive asset purchase agreement with Cardinal Health. Pursuant to the purchase agreement, Cardinal Health will purchase Navidea's Lymphoseek® product for lymphatic mapping, lymph node biopsy and the diagnosis of metastatic spread to lymph nodes for the staging of cancer in North America . As part of the transaction, Cardinal Health will license a portion of the acquired intellectual property back to Navidea to allow Navidea to develop and sell new immunodiagnostic and immunotherapeutic products for specific purposes in North America , and to continue to produce and sell Lymphoseek, mostly under a different brand, outside of North America .
The proposed transaction has been approved by the Board of Directors of each company, but remains subject to customary conditions, including approval by Navidea's shareholders, receipt of applicable regulatory approvals and the absence of a material adverse effect. The transaction is expected to close in the first quarter of 2017.
Financial terms: Navidea will receive $80 million at closing, plus the opportunity to earn up to $230 million of contingent consideration based on certain milestones through 2026, with $20.1 million of that amount guaranteed over the next 3 years.
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