Pharmaceutical giant Eli Lilly of Indianapolis has signed a definitive agreement to acquire molecular imaging developer Avid Radiopharmaceuticals of Philadelphia.
The privately held Avid Radiopharmaceuticals is developing molecular imaging compounds to detect and monitor chronic human diseases. Avid's lead program is florbetapir F-18 (18F-AV-45), a molecular imaging agent under investigation for detecting the presence of amyloid plaque in the brain. Beta-amyloid plaque is a defining pathology for Alzheimer's disease.
A marketing application for florbetapir has recently been submitted to the U.S. Food and Drug Administration (FDA). The acquisition of Avid also provides Lilly with a diagnostics development platform covering several disease areas, including Parkinson's disease and diabetes.
Under the agreement, Lilly will acquire all outstanding shares of Avid for an upfront payment of $300 million, subject to adjustment based on existing cash on hand at closing. Avid stockholders also will be eligible for as much as $500 million in additional payments based on future regulatory and commercial milestones for florbetapir.
Upon completion of the acquisition, Avid will continue to operate from its facility in Philadelphia and will provide support for ongoing academic clinical trials, including the Alzheimer's Disease Neuroimaging Initiative (ADNI), as well as ongoing clinical trials for other pharmaceutical companies.
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