Lilly completes Avid Radiopharmaceuticals buyout

Lilly has completed its takeover of Avid Radiopharmaceuticals after meeting all closing conditions related to the deal.

The transaction, which was originally announced last month, sees Lilly paying an initial fee of $300 million (199.96 million pounds) to acquire all outstanding shares in Avid, with an additional $500 million to be paid depending on the achievement of certain milestones.

This move has now been approved by Avid's stockholders and all relevant regulatory bodies.

Avid Radiopharmaceuticals, which was previously a privately-held company, specialises in the development of molecular imaging compounds for detecting and monitoring chronic diseases.

Its lead developmental programme is the beta-amyloid imaging compound florbetapir, which is intended for use in the detection of Alzheimer's disease.

Commenting on the deal last month, Lilly's vice-president of diagnostics research and development Tiffany Olson said: "The acquisition of Avid supports our efforts to provide patients and physicians with diagnostics that enable speed of intervention, improve diagnosis accuracy and inform therapeutic choice."