Although the bike should ride well, and be a conversation piece, it's not a pedigree bike from a bike maker.
It's a clothing line manufacturer that had their name added to an OEM-ed bike. That will limit its collective value. Tubing is not Columbus, Campy components are entry level. As a bike, it's a worthy piece, but the "made in Italy" mystique shouldn't blind your purchase and pay more than it's worth for a used bike.
Since it's a friend, let him state his asking price first. If it's way too high, ie. he's trying to make a buck, or has over-valued it, you can decline w/o any hard feelings. If he's looking to unload it and wants a friend to have, and gives you an asking price you or any of us can't walk away from, BUY IT.
$150 is fair imho. It looks like a 56cm frame. Make sure it fits.