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Telix Pharmaceuticals Acquires IsoTherapeutics Group

Telix Pharmaceuticals Acquires IsoTherapeutics Group

Telix Pharmaceuticals Limited has announced its latest strategic move in the radiopharmaceutical industry with the acquisition of IsoTherapeutics Group, LLC, a specialty radiopharmaceutical development and bioconjugation firm headquartered in Angleton, Texas. 

The agreement, which marks Telix's continued investment in supply chain integration and development capabilities, is set to bolster Telix's in-house drug development capabilities while expanding its US manufacturing footprint.

IsoTherapeutics, founded in 2005, brings to Telix a wealth of experience and expertise in radiochemistry and bioconjugation development, along with contract manufacturing services. This acquisition aligns with Telix's vision to streamline its development programs, aiming to reduce costs and accelerate technical milestones.

One of the key benefits of this acquisition is the enhancement of Telix's manufacturing capabilities, particularly in the United States. IsoTherapeutics' facilities include a GMP clean room and production infrastructure suitable for clinical use, as well as ample capacity for processing various therapeutic isotopes crucial to Telix's development portfolio.

Dr. Christian Behrenbruch, Managing Director and Group CEO of Telix expressed enthusiasm about the acquisition stating, "With the agreement to acquire IsoTherapeutics I am pleased to welcome a team of highly recognised industry leaders in bioconjugation and radiochemistry to Telix, as well as further expand our manufacturing footprint in the US. This acquisition enhances our business with highly-sought-after skills, capabilities, and facilities that are very much central to our development activities."

Under the deal terms, Telix will pay an upfront amount of USD 8 million, comprising USD 2 million in cash and the remainder in ordinary shares. Additional performance-related milestone payments totaling USD 5 million are contingent upon meeting specified conditions within twelve months of closing. Moreover, a two-year revenue share agreement based on actual revenue earned from IsoTherapeutics' existing customers is expected to further cement the partnership between the two entities.

The acquisition is subject to customary closing conditions, including regulatory approvals. Upon completion, IsoTherapeutics will continue to serve its existing customer base while contributing to Telix's strategic initiatives and development efforts.

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More news about: global pharma | Published by Manvi | February - 29 - 2024

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