Telix expands US footprint with $12m IsoTherapeutics takeover
Make us a preferred source
Make us a preferred source on Google
The news: Telix Pharmaceuticals has finalised its acquisition of IsoTherapeutics Group for $12.5 million.
The numbers: As part of the total upfront purchase, Telix has paid $9.2 million in equity through the issue of 717,587 Telix shares at $12.72 per share, with $3.3 million paid in cash.
Telix shares last closed at $12.51.
Telix said that a further $7.6 million is payable in cash for performance-related milestone payments that are subject to meeting milestone conditions within 12 months of the deal closing.
The purchase price also includes a two-year revenue share based on actual revenue earned from existing third-party customers of IsoTherapeutics, with total estimated cash payments of approximately $900,000.
The context: Melbourne-based Telix first announced the deal in February, with expectations that the acquisition of Texas-based IsoTherapeutics will further enhance Telix’s in-house drug development capabilities.
IsoTherapeutics is a privately held company which provides radiochemistry and bioconjugation development and contract manufacturing services to several companies in the radiopharmaceutical industry, including Telix.
Telix said a key driver for the acquisition, which will expand the company's existing US manufacturing footprint, is to bring aspects of its development programs in-house, with the goal of reducing cost and time to achieve technical milestones.
The deal follows Telix's $126 million acquisition of Canadian radioisotope tech company ARTMS, announced last month, and the purchase of US-based radiochemistry development business Optimal Tracers in 2022.
What they said: Telix managing director and group CEO Christian Behrenbruch said: "The acquisition of IsoTherapeutics Group is a significant milestone in Telix's continued focus on vertical integration of development, supply and manufacturing and is highly complementary to Optimal Tracers, ARTMS and our extensive commercial manufacturing infrastructure in Belgium".
"In the IsoTherapeutics team, we have partnered with some of the leading experts in radiochemistry and I am excited at what we can achieve together going forward," he said.
The source: ASX announcement
