Safeguard Scientifics: McKesson To Buy Portico Systems For $90 Million

Date : 06/22/2011 @ 9:41AM
Source : Dow Jones News
Stock : Safeguard Scientifics New (SFE)
Quote : 13.5  0.25 (1.89%) @ 4:02PM

Safeguard Scientifics: McKesson To Buy Portico Systems For $90 Million

Safeguard Scientific (NYSE:SFE)
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Safeguard Scientifics Inc. (SFE) said technology partner Portico Systems Inc. will be acquired by McKesson Corp. (MCK) for $90 million in cash.

Safeguard, which provides growth capital for life sciences and technology companies, expects to receive proceeds of $38 million, a return of four times its investment in Portico, a provider of management software for the health insurance industry.

The deal, expected to close in the third quarter, is Safeguard's fourth substantial exit in the past six months. In December, GE Healthcare bought Clarient for $587 million, while Eli Lilly & Co. (LLY) acquired Avid Radiopharmaceuticals. Shire PLC (SHP.LN) agreed in May to buy regenerative drug maker Advanced BioHealing Inc. for $750 million cash.

Shares closed at $18.80 Tuesday and were inactive premarket. The stock has risen 10% so far this year.

-By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

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