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NAVB

Navidea

$0.79

0.0181 (2.35%)

, CAH

Cardinal Health

$70.30

0.17 (0.24%)

15:15
11/23/16
11/23
15:15
11/23/16
15:15

Navidea signs asset purchase agreement with Cardinal Health

Navidea Biopharmaceuticals (NAVB) announced that it has entered into a definitive asset purchase agreement with Cardinal Health (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 $80M at closing, plus the opportunity to earn up to $230M of contingent consideration based on certain milestones through 2026, with $20.1M 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. 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. Michael Goldberg, M.D., President and CEO of Navidea, 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."

NAVB

Navidea

$0.79

0.0181 (2.35%)

CAH

Cardinal Health

$70.30

0.17 (0.24%)

  • 28

    Nov

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    Nov

  • 07

    Dec

NAVB Navidea
$0.79

0.0181 (2.35%)

CAH Cardinal Health
$70.30

0.17 (0.24%)

10/05/16
UBSW
10/05/16
INITIATION
Target $82
UBSW
Neutral
Cardinal Health initiated with a Neutral at UBS
Target $82.
10/10/16
CLVD
10/10/16
DOWNGRADE
CLVD
Neutral
Cardinal Health downgraded to Neutral from Buy at Cleveland Research
10/28/16
BARD
10/28/16
DOWNGRADE
BARD
Neutral
Cardinal Health downgraded to Neutral from Outperform at Baird
10/28/16
BARD
10/28/16
DOWNGRADE
Target $82
BARD
Neutral
Cardinal Health downgraded to Neutral at Baird
As reported previously, Baird analyst David Coldwell downgraded Cardinal Health (CAH) to Neutral from Outperform as aggressive competition is trying to recapture pharmacy share and the company will have to defend its pharmacy base. Coldwell lowered his price target to $82 from $92 on Cardinal Health shares, which are down over 6% to $70 in pre-market trading following a downbeat quarterly report and cautious guidance last night from peer McKesson (MCK).

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