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