Safeguard Scientifics to Realize at Least $36M in Initial Sale Proceeds from Eli Lilly's Acquisition of Avid Radiopharmaceuticals

Safeguard Scientifics, Inc. (NYSE: SFE) today announced that it expects to receive a minimum of $36 million in initial sale proceeds from the successful completion of Eli Lilly and Company's (NYSE: LLY) acquisition of partner company Avid Radiopharmaceuticals, Inc., which took place earlier today, a portion of which amounts will be held in escrow for approximately one year. Safeguard has deployed $12 million of capital in Avid since May 2007 for a 13% primary ownership stake.

Therefore, the $36 million in expected minimum initial sale proceeds to be received will constitute a 3x cash-on-cash return.