Eli Lilly to buy Philadelphia biotech company

    Pharmaceutical giant Eli Lily announced Monday that it will buy a small Philadelphia-based biotech company called Avid Radiopharmaceuticals.

    The Philadelphia company is in the process of developing a molecular imaging agent that would detect plaque in the brain. If the development is successful, it will allow doctors to diagnose Alzheimers even before symptoms begin to develop.

    Stephen Tang is the president of the University City Science Center, where the company has been housed since its founding in 2004.

    Tang: We are extremely proud and happy for Avid Radiopharmaceuticals on their acquisition by Eli Lilly. Not only is it validation of Avid’s technology and its promise for treating Alzheimer’s disease, but it is also a testament to economic development in Philadelphia.

    Eli Lilly will pay $800 million for the company, and it will continue to operate out of Philadelphia.

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