Pharmaceutical giant Eli Lilly has finalized its acquisition of molecular imaging developer Avid Radiopharmaceuticals of Philadelphia.
Indianapolis-based Lilly paid $300 million upfront for all outstanding shares of Avid, and Avid stockholders will also be eligible for up to $500 million in additional payments contingent upon potential future regulatory and commercial milestones for Avid's florbetapir work-in-progress molecular imaging agent.
In florbetapir developments, the U.S. Food and Drug Administration (FDA) has assigned priority review designation to the firms' marketing application. The FDA's Peripheral and Central Nervous System Drugs Advisory Committee will hold a meeting to discuss the new drug application (NDA) on January 20, 2011, according to Lilly.
Florbetapir is under investigation for detecting the presence of amyloid plaque in the brain, a defining pathology of Alzheimer's disease.
Related Reading
Eli Lilly to acquire Avid, November 8, 2010
Avid, Siemens begin florbetapir production, April 7, 2010
Eli Lilly joins SNM initiative, March 26, 2010
Avid adds to executive team, September 9, 2009
Avid phase II results presented at Alzheimer's conference, July 14, 2009
Acceleware scores Eli Lilly contract, June 4, 2008
Copyright © 2010 AuntMinnie.com
