Navigation Links
Lilly Announces Completion of Avid Acquisition and FDA Priority Review for florbetapir
Date:12/20/2010

INDIANAPOLIS, Dec. 20, 2010 /PRNewswire-FirstCall/ -- Eli Lilly and Company (NYSE: LLY) today announced that it has completed the acquisition of Avid Radiopharmaceuticals, Inc., a privately held company developing novel molecular imaging compounds intended for the detection and monitoring of chronic human diseases. The transaction, first announced on November 8, 2010, has received the approval of Avid stockholders and clearance under the Hart-Scott-Rodino Antitrust Improvements Act. All other closing conditions have also been met.

Under the terms of the definitive merger agreement, Lilly acquired all outstanding shares of Avid for an upfront payment of $300 million, subject to adjustment based on existing cash on hand at closing. Avid stockholders will also be eligible for up to $500 million in additional payments contingent upon potential future regulatory and commercial milestones for florbetapir. The impact of the acquisition will be reflected in Lilly's fourth quarter 2010 financial statements, but is not expected to be material.

Lilly and Avid are also pleased to announce that the U.S. Food and Drug Administration (FDA) has assigned priority review designation to the marketing application for florbetapir, Avid's lead program in development. 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. The Peripheral and Central Nervous System Drugs Advisory Committee of the FDA will hold a meeting to discuss florbetapir's new drug application on January 20, 2011.

About florbetapir

Florbetapir F 18 (18F-AV-45), used with positron emission tomography (PET) technology is being assessed for the ability to detect beta-amyloid plaque deposits in living patients. Florbetapir was the first beta-amyloid imaging compound to enter multi-center, IND clinical studies in the U.S., and has now been studied in more than a dozen trials in over 700 subjects ranging from cognitively normal individuals to those with Alzheimer's dementia. In addition to the pivotal Phase III Image-to-Autopsy study, other clinical studies are also being conducted in the E.U., North and South America, Australia and Asia.

About Eli Lilly and Company

Lilly, a leading innovation-driven corporation, is developing a growing portfolio of pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. Headquartered in Indianapolis, Ind., Lilly provides answers – through medicines and information – for some of the world's most urgent medical needs.  Additional information about Lilly is available at www.lilly.com.  C-LLY

This press release contains forward-looking statements about the benefits of a merger between Lilly and Avid and the potential of Avid's product pipeline. It reflects Lilly's and Avid's current beliefs; however, as with any such undertaking, there are substantial risks and uncertainties in the process of implementing the transaction and in drug development.  There is no guarantee Lilly will realize the expected benefits of the transaction, that florbetapir will be approved by the FDA on the anticipated timeline or at all, that florbetapir will be commercially successful, or that Avid's pipeline will yield commercially successful diagnostic radiopharmaceutical products.  For further discussion of these and other risks and uncertainties, please see Lilly's latest Forms 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. The companies undertake no duty to update forward-looking statements.

(Logo: http://photos.prnewswire.com/prnh/20031219/LLYLOGO)


'/>"/>
SOURCE Eli Lilly and Company
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Manchester College Receives $35 Million Grant From Lilly Endowment for School of Pharmacy
2. Lilly Statement Regarding President Obamas Meeting With U.S. Business Leaders
3. Lilly Suspends Phase III Trial in Metastatic Melanoma
4. Lilly Declares First-Quarter 2011 Dividend
5. U.S. District Court Rules from Bench in Lillys Favor, Confirms Validity of Alimta Patent
6. Lilly Surpasses United Way 2010 Campaign Goal
7. Breast Cancer Message Barred in Eli Lillys Hometown
8. Eli Lilly and Company to Open a Diabetes-Focused Research Center in China
9. Lilly USA, LLC Wins Award in 2010 National Health Information Awards Program
10. Lilly CEO: Are We Getting Our Moneys Worth from Medical Innovation?
11. MacroGenics and Lilly Announce Pivotal Clinical Trial of Teplizumab Did Not Meet Primary Efficacy Endpoint
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/25/2017)... R.I. , Sept. 25, 2017  EpiVax, ... assessment, vaccine design, and immune-engineering today announced the ... on the development of personalized therapeutic cancer vaccines. ... has provided exclusive access to enabling technologies to ... Eng., MBA will lead EpiVax Oncology as Chief ...
(Date:9/19/2017)... ZirMed Inc ., a recognized leader in cloud-based revenue cycle ... ranked #1 by its users for the seventh consecutive year ... ZirMed was recognized as the top-ranked end-to-end revenue cycle management ... 200 beds and holds one of the longest #1 ranking ... ...
(Date:9/12/2017)... -- Consumer reviews on the independent review site Consumer Affairs ... for hearing aids, ranking it higher than Miracle Ear ™, ... ... Hearing Aids ... store that provides high performance, state-of-the-art, German-engineered hearing aids directly to ...
Breaking Medicine Technology:
(Date:10/13/2017)... ... October 13, 2017 , ... While it’s often important ... problem. Fortunately, an inventor from Austin, Texas, has identified a solution. , She developed ... darkness or restricted lighting. As such, it eliminates the need to turn on a ...
(Date:10/13/2017)... ... October 13, 2017 , ... Southern ... and Jennifer Huggins, PharmD ’17, along with clinical associate professor Janice Frueh, ... cardiovascular diseases during the 15th Annual Women’s Health Conference. The SIU School ...
(Date:10/13/2017)... ... October 13, 2017 , ... The Visiting Nurse Association (VNA) of Somerset Hills ... specialty vendors and unique items from across the nation, this holiday-themed event will raise ... offered by the VNA. The boutique will be open Saturday, November 4 (10:00 ...
(Date:10/13/2017)... ... October 13, 2017 , ... Talented host, actor Rob Lowe, ... in a new episode of "Success Files," which is an award-winning educational program ... investigates each subject in-depth with passion and integrity. , Sciatica occurs when the ...
(Date:10/12/2017)... ... October 12, 2017 , ... First ... compliance program management, will showcase a range of technology and learning solutions at ... (NCAL) Convention and Expo to be held October 14–18, 2017 at the Mandalay ...
Breaking Medicine News(10 mins):