Life sciences and technology investor Safeguard Scientifics (NYSE:SFE) said today its partner company Advanced BioHealing has agreed to be acquired by Shire (NASDAQ:SHPGY) for $750 million in cash.
Advanced BioHealing makes a bio-engineered living skin substitute called Dermagraft, which is approved by the Food and Drug Administration to treat diabetic foot ulcers.
Safeguard said it will receive proceeds of more than $140 million from the deal, a 13x cash-on-cash return on its initial investment, which it made in 2007.
The transaction is expected to close late in the second quarter or early in the third quarter.
Safeguard noted this is the third substantial exit transaction from its growth capital investments in the past six months.
Safeguard investment target Clarient was acquired by General Electric’s (NYSE:GE) GE Healthcare, and Avid Radiopharmaceuticals was acquired by Eli Lilly (NYSE:LLY), both in December.
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