New York | June 11, 2018 – HC2 Holdings, Inc. (“HC2”) (NYSE:HCHC), a diversified holding company, announced today that it has completed the sale of BeneVir Biopharm, Inc. (“BeneVir”), a privately-held biotechnology company developing oncolytic immunotherapies for the treatment of cancer, to Janssen Biotech, Inc. (“Janssen”).
In conjunction with the closing of the transaction, Janssen made an upfront cash payment of $140 million, of which HC2 received approximately $73 million. In addition, assuming no pending or unresolved indemnified claims, HC2 will receive approximately $10 million being held in escrow for fifteen months. Inclusive of additional contingent payments of up to $900 million based on achievement of certain predetermined milestones, the total amount of all payments for this transaction could exceed $1 billion if all milestones are met.
