DUBLIN, Ohio — Cardinal Health completed its purchase of Lymphoseek, a product for lymphatic mapping lymph node biopsy and the diagnosis of metastatic spread to lymph nodes for the staging of cancer in North America, from Navidea Biopharmaceuticals.
Navidea received approximately $83 million at closing, and will have the opportunity to earn up to $227 million of contingent consideration based on certain milestones through 2026, with $17.1 million of that amount guaranteed during the next three years.
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 name, outside of North America.
“This transaction is transformative for Navidea, as we will have the financial flexibility to invest in our deep pipeline of activated macrophage targeted imaging agents and therapeutics. We want to commend Cardinal Health for their professionalism throughout this trying process for Navidea,” said Dr. Michael M. Goldberg, president and CEO of Navidea Biopharmaceuticals.