Safeguard Scientifics Realizes $145.4 Million in Aggregate Cash Proceeds from Shires Acquisition of Advanced BioHealing
Safeguard Scientifics (NYSE: SFE) today announced that its aggregate cash proceeds from the completed sale of life sciences partner company Advanced BioHealing to Shire plc (NASDAQ: SHPGY) are $145.4 million. In addition, $7.3 million will be held in escrow pending the expiration of an escrow period expiring March 31, 2012. Safeguard's total expected proceeds will represent a 13x cash-on-cash return.
“This is a very exciting transaction for Safeguard since Shire announced that it was going to acquire ABH the night before ABH was scheduled to go public,” said Peter J. Boni, President and CEO of Safeguard. “Our demonstrated ability to pair our partner companies with top-tier, large-cap global strategic partners such as Shire drives value for our shareholders. We continue to execute on all cylinders to deploy capital into high-growth opportunities and to realize value in those companies with well-timed exits. We congratulate ABH's Chairman and CEO, Kevin Rakin, on a successful milestone and wish him and the rest of the ABH team success in the future.”
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