Navidea Biopharmaceuticals Inc (NYSEMKT:NAVB) closed the business deal with Cardinal Health Inc (NYSE:CAH) where the company surrendered the North American rights of its first approved drug to the business partner.
Cardinal Health Inc in the acquisition deal gave out $83 million in terms of cash and hopes for the very best. The cancer diagnostic aid Lymphoseek may at some point hit the $310 million mark in the course of the agreement’s time frame. However, quite a significant amount of the up-front is a pledge for somewhere else.
The good part about this deal lies in the fact that shareholders approved the sale by a very huge figure.99 percent of them were in fact in approval of the trade-off. The two companies are based in Dublin and Cardinal showed its great dedication to the business deal by paying $80 million. Earlier on, it had disbursed $3 million. Navidea made a payment of $59 million which was to serve as some form of temporary settlement with CRG, which happens to be a Houston-based lender.
Uncertainty continues to creep in as in regards to the actual figure of the 2015 loan and one can’t help but wonder where the dispute will lead to. The announcement made on Thursday had its effects felt in a great way. The shares spiked up and experts attribute that to the proxy vote held and this rolled over to Friday where they still did pretty well.
Navidea Biopharmaceuticals Inc happens to be one of the best Biotech Stocks Picks in a market where competition has become the order of the day. This company in a statement outlined that CRG had unleashed a full release of the various liens on the provider’s assets. It hoped that sooner than later the $5 million from the frozen banks would be gotten back and instead used in more productive business activities.
Over the years, Navidea has always been making its loan payments. But CRG sticks to its guns pointing a finger at the departed CEO as well as at the reconstituted board. When asked to give its comments last Friday, CRG showed reluctance which is raising eyebrows everywhere. Whatever will happen with the Biotech Stocks in the new future is something no one can confidently speak about. We just have to wait and see.