ProPhase Labs, Inc. cancelled the acquisition of Certain Assets from Navidea Biopharmaceuticals, Inc. for $7 million.
June 28, 2023
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ProPhase Labs, Inc. (NasdaqCM:PRPH) signed a non-binding offer to acquire Certain Assets from Navidea Biopharmaceuticals, Inc. (NYSEAM:NAVB) for $7 million on June 8, 2023. Prophase offered a purchase price of either: (i) $7 million, if paid in cash, or alternatively, (ii) $9.1 million, if paid in shares of common stock, par value $0.0005 per share, of ProPhase (“ProPhase Stockâ€). ProPhase advised Navidea that it would be amenable to a purchase price paid in a combination of cash and ProPhase Stock. The cash offer was equivalent to over two times the then-current market cap of Navidea or almost three times the current market capitalization of Navidea in ProPhase Stock. Furthermore, the offer would have left Navidea with other assets of Navidea such as the current and future milestone payments, the majority of the therapeutic assets, the cardiovascular products, and any territories Lymphoseek assets are already committed to
ProPhase Labs, Inc. (NasdaqCM:PRPH) cancelled the acquisition of Certain Assets from Navidea Biopharmaceuticals, Inc. (NYSEAM:NAVB) on June 16, 2023. Navidea informed ProPhase that the board of directors of Navidea flatly rejected the offer. Navidea did not make a counteroffer and did not seek to engage in any further discussions with Prophase. G2G Ventures acted as an executive consultant to the board of directors of Navidea Biopharmaceuticals in the transaction.
Navidea Biopharmaceuticals, Inc. is a biopharmaceutical company. The Company is focused on the development and commercialization of precision immunodiagnostic agents and immunotherapeutics. It is developing multiple precision-targeted products based on its Manocept platform to enhance patient care by identifying the sites and pathways of undetected disease. The Companyâs business is focused on two primary types of drug products, such as diagnostic substances, including Tc99m tilmanocept and other diagnostic applications of its Manocept platform, and therapeutic development programs, including therapeutic applications of its Manocept platform. It has developed processes for producing the first four therapeutic Manocept immuno-construct series, the Manocept doxorubicin (MAN-DOX) series, which is designed to specifically target and kill or modify activated CD206+ macrophages by delivering doxorubicin, a Manocept paclitaxel series (MAN-PAC), and a Manocept Bisphosphonate series (MAN-BIS).
NAVIDEA BIOPHARMACEUTICALS, INC. 
