Lilly completes Avid acquisition
Also announces FDA priority review for florbetapir
Eli Lilly has completed the acquisition of Avid Radiopharmaceuticals for US$300m upfront plus potential milestone payments. The transaction, first announced on 8 November, has been given the green light by Avid stockholders.
The company also said the US Food and Drug Administration will provide a faster review of florbetapir, an imaging agent which Avid has developed that may help diagnose Alzheimer’s disease.
Lilly said the FDA would discuss florbetapir’s new drug application on 20 January 2011.
The Indianapolis-based pharmaceutical firm could pay up to US$500m more to Avid shareholders if florbetapir is approved.
Florbetapir is a molecular imaging agent under investigation for detecting the presence of amyloid plaque in the brain. Beta-amyloid plaque is a defining pathology of Alzheimer's disease.
Philadelphia-based Avid is a privately held developer of novel molecular imaging compounds for the detection and monitoring of chronic human diseases.
