SSG Capital Advisors, LLC (“SSG”) served as the investment banker to Navidea Biopharmaceuticals, Inc. (“Navidea” or the “Company”) in the sale of substantially all assets to Cardinal Health, Inc. (“Cardinal Health”). The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the District of Delaware. The transaction closed in February 2026.

Navidea is a development-stage precision-medicine company focused on immuno-targeted diagnostic agents. The Company was the original developer of Lymphoseek® (tilmanocept), a receptor-targeted radiopharmaceutical for lymphatic mapping approved by the FDA in 2013. In 2017, Navidea sold the North American commercial rights to Lymphoseek® to Cardinal Health, while retaining rights outside North America and the ability to develop next-generation formulations. Navidea subsequently developed a modernized, more efficient manufacturing process for the tilmanocept API (the “Improved API”), along with a portfolio of preclinical therapeutic assets.

After years of development, the Company’s Improved API program was near completion and aimed to support diagnostic use outside of North America. Additionally, Navidea had a pathway to commercialize the Improved API as a generic version of Lymphoseek® in North America beginning in 2029. However, in October 2025, a combination of governance disputes and liquidity pressure forced the Company to file for Chapter 11 Bankruptcy.

SSG was retained in November 2025 to conduct a comprehensive global marketing process and advise on a credit bid from the DIP lender. SSG’s marketing process to solicit competing bids produced an additional qualified bid prior to the bid deadline, and an auction was held in January 2026. Leveraging its deep expertise in virtual auction execution, SSG created a dynamic and competitive auction environment, and Cardinal Health emerged as the prevailing bidder for substantially all of the Company’s assets. This acquisition preserves the significant work surrounding the Company’s Improved API program. SSG’s robust and efficient marketing processes, experience in complex Chapter 11 cases, and strong knowledge of the biopharmaceutical industry resulted in an outcome that delivered significant value to stakeholders.

Other professionals who worked on the transaction include:

• Joseph C. Barsalona II, Samantha T. Alexander, Michael J. Custer, Alexis R. Gambale, and Daniel E. Cohen of Pashman Stein Walder Hayden P.C., counsel to Navidea Biopharmaceuticals, Inc.;
• Tedd Burr of Mac Restructuring Advisors, Independent Director to Navidea Biopharmaceuticals, Inc.;
• Howard A. Cohen of Fox Rothschild LLP, counsel to the Secured Lender/DIP Lender;
• David M. Klauder of Bielli & Klauder LLC, Subchapter V Trustee to Navidea Biopharmaceuticals, Inc.;
• Aram Ordubegian, George P. Angelich, Annie Y. Stoops, James E. Britton, and Shannon Rieger of ArentFox Schiff, counsel to Cardinal Health; and
• Thomas J. Francella Jr. of Raines Law, counsel to Cardinal Health