Navidea Signs Asset Purchase Agreement with Cardinal Health
November 23 2016 - 2:13PM
Business Wire
Navidea Biopharmaceuticals (NYSE MKT: NAVB) today announced that
it has entered into a definitive asset purchase agreement with
Cardinal Health (NYSE: CAH). 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. 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.
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.
Michael M. Goldberg, M.D., President and Chief Executive
Officer, Navidea Biopharmaceuticals said, “This transaction is very
exciting for Navidea and its shareholders as it will enable the
company to extinguish the CRG debt and to focus the company on
several attractive development efforts. With our proven delivery
system and broad pipeline of clinical and preclinical products
addressing very large commercial opportunities, we intend to build
a world-class and highly focused development effort. We will
leverage our team and financial resources by continuing to seek
non-dilutive grant funding and partnerships with leading academic
and commercial entities. We have successfully completed two
grant-funded clinical studies in Rheumatoid Arthritis and
Cardiovascular disease with academic collaborators and have
continued our progress with other successful preclinical studies
with candidates from our proprietary Macrophage Therapeutics
pipeline.”
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.
Proxy materials are being drafted and will be distributed to
shareholders as soon as Navidea receives regulatory clearance.
About Navidea
Navidea Biopharmaceuticals, Inc. (NYSE MKT: NAVB) is a
biopharmaceutical company focused on the development and
commercialization of precision immunodiagnostic agents and
immunotherapeutics. Navidea is developing multiple
precision-targeted products and platforms including Manocept™ and
NAV4694 to help identify the sites and pathways of undetected
disease and enable better diagnostic accuracy, clinical
decision-making, targeted treatment and, ultimately, patient care.
Lymphoseek® (technetium Tc 99m tilmanocept) injection, Navidea’s
first commercial product from the Manocept platform, was approved
by the FDA in March 2013 and in Europe in November 2014. The
development activities of the Manocept immunotherapeutic platform
will be conducted by Navidea in conjunction with its subsidiary,
Macrophage Therapeutics. Navidea’s strategy is to deliver superior
growth and shareholder return by bringing to market novel products
and advancing the Company’s pipeline through global partnering and
commercialization efforts. For more information, please visit
www.navidea.com.
About Cardinal Health
Cardinal Health, Inc. (NYSE: CAH), is a global integrated
healthcare services and products company, providing customized
solutions for hospital systems, pharmacies, ambulatory surgery
centers, clinical laboratories and physician offices worldwide. The
company provides clinically-proven medical products and
pharmaceuticals and cost-effective solutions that enhance supply
chain efficiency from hospital to home. Cardinal
Health connects patients, providers, payers, pharmacists and
manufacturers for integrated care coordination and better patient
management. Backed by nearly 100 years of experience and with more
than 37,000 employees in nearly 60 countries, Cardinal Health ranks
among the top 25 on the Fortune 500. For more
information, visit cardinalhealth.com, follow @CardinalHealth
on Twitter and connect on LinkedIn at
linkedin.com/company/cardinal-health.
The Private Securities Litigation Reform Act of 1995 (the Act)
provides a safe harbor for forward-looking statements made by or on
behalf of Navidea Biopharmaceuticals (the “Company”). Statements in
this news release are made by or on behalf of the Company.
Statements in this release which relate to other than strictly
historical facts, such as statements about the Company’s plans and
strategies, expectations for future financial performance, new and
existing products and technologies, anticipated clinical and
regulatory pathways, and markets for the Company’s products are
forward-looking statements within the meaning of the Act. The words
“believe,” “expect,” “anticipate,” “estimate,” “project,” and
similar expressions identify forward-looking statements that speak
only as of the date hereof. Investors are cautioned that such
statements involve risks and uncertainties that could cause actual
results to differ materially from historical or anticipated results
due to many factors including, but not limited to, the Company’s
continuing operating losses, uncertainty of market acceptance of
its products, our ability to repay our debt, the outcome of the CRG
litigation, reliance on third party manufacturers, accumulated
deficit, future capital needs, uncertainty of capital funding,
dependence on limited product line and distribution channels,
competition, limited marketing and manufacturing experience, risks
of development of new products, regulatory risks and other risks
detailed in the Company’s most recent Annual Report on Form 10-K
and other Securities and Exchange Commission filings. The Company
undertakes no obligation to publicly update or revise any
forward-looking statement, The Company undertakes no obligation to
publicly update or revise any forward-looking statements.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161123005696/en/
Navidea BiopharmaceuticalsInvestors &
MediaJed LatkinInterim COO &
CFO614-973-7490jlatkin@navidea.comorFor Cardinal Health,
Inc.Investors:Sally
Curley614-757-7115Sally.Curley@cardinalhealth.comorMedia:Brett
Ludwig614-757-1852Brett.Ludwig@cardinalhealth.com
Navidea Biopharmaceuticals (AMEX:NAVB)
Historical Stock Chart
From Apr 2024 to May 2024
Navidea Biopharmaceuticals (AMEX:NAVB)
Historical Stock Chart
From May 2023 to May 2024