Not long after the acquisition of Avid Radiopharmaceuticals, Safeguard Partner Company Clarient (NASDAQ: CLRT) was acquired by GE Healthcare for $585 million, representing $200 million in cash for Safeguard, the largest cash return in Safeguard’s history.

Clarient was founded in 1996 to develop and manufacture digital microscopes to analyze tissue and blood samples, aiding in the diagnoses of diseases and medical conditions. Beginning in late 2004, under leadership and with direction from Safeguard’s team, Clarient changed its focus from equipment sales to cancer diagnostic services. By 2010, the repositioning resulted in a tenfold increase in Clarient revenues and a $476 million increase – or 5x increase – in market capitalization, based on the acquisition price.

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