Lilly Ventures had been part of consortium investing about $70m in Avid Radiopharmaceuticals, which is now being acquired by Eli Lilly for up to $800m.
US-based drugs company Eli Lilly has agreed to acquire its corporate venturing unit’s portfolio company Avid Radiopharmaceuticals for up to $800m.
Lilly will pay $300m initially and a further $500m depending on the performance of Avid’s Florbetapir F 18, which can be used to potentially help treat Alzheimer’s disease (see picture). Avid also provides Lilly with a technology platform for drug discovery in other areas.
John Lechleiter, executive chairman at Lilly, said: "The acquisition of Avid Radiopharmaceuticals aligns well with…
