Lilly completes acquisition of Avid

INDIANAPOLIS — One month after announcing it would acquire a leader in molecular imaging development, Eli Lilly announced it has completed its acquisition of Avid Radiopharmaceuticals.

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 also will be eligible for up to $500 million in additional payments contingent upon potential future regulatory and commercial milestones for florbetapir, a molecular imaging agent under investigation for detecting the presence of amyloid plaque in the brain.

The Food and Drug Administration's Peripheral and Central Nervous System Drugs Advisory Committee will hold a meeting to discuss florbetapir's new drug application on Jan. 20.

The impact of the acquisition will be reflected in Lilly's fourth-quarter 2010 financial statements, but is not expected to be substantial, Lilly said.