Telix Pharma to buy fellow radiopharmaceuticals play QSAM
Make us a preferred source
Make us a preferred source on Google
The news: Telix Pharmaceuticals has announced plans to buy US-based radiopharmaceuticals developer QSAM Biosciences in an offer worth up to US123.1 million ($193.3 million).
The numbers: If the deal proceeds, Telix will pay USD33.1 million through the issue of fully paid ordinary Telix shares, and up to a further USD90 million in cash or stock in commercial milestone payments following the sale closure. The offer represents a 52% premium to QSAM's fully diluted market cap for the 10 days leading up to the term sheet, Telix said. TLX shares were trading 1.3% higher for the day at $9.27 at 2:15pm AEDT.
The context: Telix noted synergies between the two companies, both of which are focused on radiopharmaceuticals. QSAM's key product, CycloSam, has been developed to help treat metastatic bone cancer.
What they said: "With CycloSam we plan to leverage Telix’s extensive experience and success in distributing short-life radiopharmaceuticals using a cold kit product from a nuclear pharmacy," Telix manageing director and group CEO Christian Behrenbruch said in a statement.
"Given these factors, we see a strong pathway to commercialisation.”
The source: ASX Announcement
