Navidea Biopharma (NAVB) Enters LOI with ardinal Health for the Sale of Lymphoseek in NA
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Navidea Biopharmaceuticals, Inc. (NYSE: NAVB) today announced that it has executed a Letter of Intent with Cardinal Health, Inc. (NYSE: CAH) for the sale of all rights, title and interest to Navidea’s Lymphoseek product for all FDA-approved, pending and future oncology diagnostic indications in North America, subject to certain limitations, as well as certain other related assets. Under the terms of the LOI, Navidea would receive $80 million at closing, with future consideration tied to annual sales of the Lymphoseek product and certain sales-based milestones. Total consideration to Navidea would be capped at $310 million.
As part of the transaction, Cardinal Health would license back to Navidea a portion of the acquired intellectual property such that Navidea will be able to develop, manufacture, market, sell and distribute new products that do not in any way compete with the current Lymphoseek product, and to continue to manufacture, market, sell and distribute Lymphoseek outside of North America.
Michael M. Goldberg, M.D., Chairman of the Board of Directors, Navidea Biopharmaceuticals, said “This is a significant announcement for all of us at Navidea. This agreement with Cardinal Health will provide significant financial resources for us to repay all outstanding debt to CRG and accelerate the development of our robust pipeline of diagnostic products, which are notably focused on Rheumatoid Arthritis and Cardiovascular disease, as well as our Macrophage Therapeutics pipeline. We have enjoyed a longstanding and successful relationship with Cardinal Health, and we are looking forward to continuing our collaboration.”
“Lymphoseek has been an important diagnostic tool for physicians and their patients who are looking for additional clarity when facing potentially life-changing diagnoses,” said Tiffany Olson, President of Nuclear Pharmacy Services for Cardinal Health. “We have been Navidea’s exclusive US distributor of Lymphoseek for many years. That relationship has set the groundwork for this new agreement, and the Cardinal Health team will continue to market, sell and provide Lymphoseek to those who need it.”
The closing of this transaction is subject to the completion of due diligence and the negotiation of definitive documents, among other things, and is dependent upon customary approvals.
Navidea will hold a webcast conference call with investors on Wednesday, September 7, 2016 at 8:30 am ET. Details of the call will be issued later today and will be posted on the Company’s Investor website.
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