Telix agrees $73m asset acquisition with US biotech ImaginAb
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The news: Telix Pharmaceuticals has reached a deal with US biotech ImaginAb to acquire a pipeline of next-generation therapeutic candidates, a proprietary novel biologics technology platform and a protein engineering and discovery research facility in California.
The numbers: The USD45 million ($73 million) deal comprises USD10 million in cash and USD31 million in equity, plus a deferred payment of up to USD4 million in equity at the end of a 15-month indemnity period. Telix will also pay up to $299 million upon achievement of certain development and commercial milestones.
Royalties are also payable on net sales in the low single digits on a limited number of platform and early-stage products after the first four products have been developed, as well as single-digit sublicence fees.
The context: Telix said the deal adds a pipeline of early-stage drug candidates against high-value targets, as well as several other novel targets in discovery stage.
The acquired intellectual property has the potential to be highly effective for imaging and treating tumors with a broad range of radioisotopes, the company said.
The transaction also includes a research facility in California, with existing discovery, protein engineering and radiopharmaceutical development staff.
What they said: "The combination of a proprietary drug discovery platform, pipeline of promising theranostic assets and a talented team of subject matter experts will enhance Telix's research and innovation capability now and into the future," said Telix's therapeutics CEO Richard Valeix.
"This acquisition will enable Telix to explore new disease areas with state-of-the-art radiotherapeutic technology," he said.
The source: ASX announcement
