SSG Capital Advisors served as the investment banker to Navidea Biopharmaceuticals in the sale of substantially all assets to 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.
SSG was retained in November 2025 to conduct a 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. 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.
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
- Tedd Burr of Mac Restructuring Advisors, independent director to Navidea Biopharmaceuticals
- Howard A. Cohen of Fox Rothschild, counsel to the secured lender/DIP lender
- David M. Klauder of Bielli & Klauder, subchapter V trustee to Navidea Biopharmaceuticals
- Aram Ordubegian, George P. Angelich, Annie Y. Stoops, James E. Britton, and Shannon Rieger of ArentFox Schiff, counsel to Cardinal Health
- Thomas J. Francella Jr. of Raines Law, counsel to Cardinal Health
